Annual Report and Accounts 2025

Growth

Compounding

GS F

Growth

Compounding

Strategic Report

About Informa

Informa at a glance 2

Investment case 9

Business model 10

Chair’s introduction 12

Review of the year

Group Chief Executive’s review 14

Key performance indicators 20

Strategy 22

Year in review 23

Business and financial review

B2B Live Events 34

B2B Digital Services 40

Academic Markets 44

Group Finance Director’s review 48

Financial review 50

Risk report

Introduction to risk 60

How we manage risk 62

Principal risks and uncertainties 64

Other Strategic Report information

Viability statement 71

Task Force on Climate-related

Financial Disclosures report 73

Non-financial and sustainability

information statement 77

Governance

Informa’s Board

Board of Directors 79

Board review and activity

Chair’s introduction to governance 82

The Board’s year 84

Section 172 statement 88

Compliance with the Code 92

Committee Reports

Nomination Committee Report 95

Audit Committee Report 99

Directors’ Remuneration Report 109

Other governance information

Directors’ Report 124

Statement of Directors’ responsibilities 126

Financial Statements

Independent auditors’ report 128

Consolidated Financial Statements

Consolidated Income Statement 136

Consolidated Statement

of Comprehensive Income 137

Consolidated Statement

of Changes in Equity 138

Consolidated Balance Sheet 139

Consolidated Cash Flow Statement 140

Notes to the Consolidated

Financial Statements 141

Parent Company Financial Statements

Parent Company Balance Sheet 211

Parent Company Statement

of Changes in Equity 212

Notes to the Parent Company

Financial Statements 213

Other financial information

Glossary of terms: alternative

performance measures 220

Five-year summary 222

Additional Information

Shareholder information 223

Advisers 224

Get to know

Informa

Informa at a glance,

pages 2 to 9

See our key

developments

from 2025

Year in review, pages

23 to 34

Follow the Board’s

activities from

the year

The Board’s year,

pages 84 to 87

We include International Financial

Reporting Standards (IFRS) and

alternative performance measures

in this report.

Alternative performance measures

are defined in the glossary onpages

220 and 221 and marked with an

asterisk thefirst time they are used.

This Strategic Report was approved

by the Board on 11 March 2026 and

signed on its behalf by:

Rupert Hopley

Company Secretary,

by order of the Board

This Annual Report and Accounts isatthe centre of our reporting to

shareholders and other stakeholders.

We make supplementary information available for anyone who would like

toexplore further. Head to our Review of 2025 microsite for extra detail

andvideo content by following the links and QRcodes in this report.

TheInforma website is also home to other reports in our wider suite,

including the 2025 Sustainability Report and our Climate Impacts Report.

Stay up to date with

more information at

informa.com

Informa Annual Report and Accounts 2025

Strategic Report G F A

B2B Live Events:

Informa Markets

Transaction-led B2Bevents

Informa Connect

Content-led B2Bevents

Informa Festivals

Experience-led B2Bevents

B2B Digital Services:

Informa TechTarget

B2B data and marketaccess

Academic Markets:

Academic research, advanced

learning andopen research

Informa at a glance

Informa is a leading international business-to-business

events, digital services and academic publishing group.

We champion specialists: connecting businesses and

professionals with knowledge to help them learn more,

know more and do more.

We have five operating divisions

Offices in

30+ countries

Customers in

150+ countries

Colleagues

14,000

We operate through

800+ brands

Revenue

Strategic Report

Informa Annual Report and Accounts 2025

Continued

growth

Group revenues

£4,041m

2024: £3,553m

Underlying

revenue growth*

6.3%

2024: 11.6%

Adjusted

operating profit*

£1,140m

2024: £995m

Adjusted diluted

earnings per share*

55.6p

2024: 50.1p

Financial

strength

Free cash flow*

£885m

2024: £812m

Operating cash

flow conversion*

106%

2024: 104%

Informa leverage*

2.4x

2024: 2.6x

Dividend per

22.0p

2024: 20.0p

2025 highlights

Delivering

for customers

Net promoter

score for top 50

Informa Markets

brands

Delivering

for colleagues

Roles filled

internally

44%

Delivering

for shareholders

Share buyback

in 2025

£352m

Sustainable

eventsprogress

Brands accredited

in the Sustainable

Event Fundamentals

468

Informa Annual Report and Accounts 2025

Strategic Report G F A

international

Informa is a highly international business. We work in all

theworld’s major regions – including the US,IMEA (India, the

Middle East and Africa), Europe, ChinaandSouth East Asia –

and in many of the world’s fastest-growing hubs for business

–including Mumbai, Miami, Bangkok, Riyadh,Dubaiand Cairo.

We have local experts on the ground,

with colleagues in around 30 countries,

and strong partnerships with local

governments, institutions, suppliers

and other businesses.

This means we can serve customers

well wherever they are or want to be.

Itdiversifies our business. And we

useour international reach and

relationships to grow by bringing

brands and products to new locations.

c45%

revenue from North America

c£560m

IMEA revenue in 2025

business

Strategic Report

Informa Annual Report and Accounts 2025

We serve dozens of different specialist markets, from Fintech

to Foodservice, Pharmaceutical Ingredients tophysicalsciences,

and education to enterprise IT. Asthosemarkets develop and

grow, wedevelop and expandwhat wedeliver tothem too.

Our customers – businesses,

professionals and researchers –

havechosen to specialise ina market

and wantto succeed in what they do.

Ourbrands and teams focus on

stayingclose to customers and being

immersed in theirmarkets, to make

sure that what weoffer is relevant,

adds value and isultimately must-have.

It’s what we mean by championing

thespecialist: our customers and

themarkets they work in are

centraltoeverything we do.

specialist markets

Focused on

Strategic Report G F A

major brands

Home to

Informa is home to major market-leading brands.

InB2BLiveEvents, our top 21 brands generateover

£1bnofrevenueeach year.

Our marquee franchises, which

runmultiple events in different

locations each year, include WHX

inHealthcare, LIONS in Marketing

andBlack Hat in Cyber Security.

SuperReturn in Private Capital

heldover 25 events in 11 countries

in2025.

In academic publishing, our Routledge,

DoveMedical Press and F1000

imprintsare significant brands

intheirmarket categories.

Our major brands have continued

growth potential from expanding into

new countries, serving new types of

customers, adding new products and

services, and delivering more value

tocurrent customers.

c50%

our top 50 brands account

fornearly 50% of our

B2BMarkets revenues.

Strategic Report

Informa Annual Report and Accounts 2025

power of live

Harnessing the

Live events are at the heart of our business, and

intoday’s world, the demand for live experiences

hasnever been higher.

As we spend more of our lives

online and digitally, the value

ofcoming together, in person,

asacommunity with a shared

interest, for a live experience has

increased, whether it is in sports,

entertainment or business.

We deliver transaction, content

and experience-focused events

ofdifferent types and scale.

Weuse technology, including AI,

tocreate a smart and seamless

experience, and we capture and

apply audience data in ways that

increase value for customers.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Harnessing the

value of knowledge

We have a significant depth of trusted content

throughout Informa.

This includes original research

andknowledge published by

Taylor & Francis – with archives

dating back to the 1800s – expert

intelligence from analysts at

brands such as Omdia, and

specialist content and insights

written by editors at media

brandssuch as Aviation Week.

Our content comes from experts,

and when it is academic research,

it is typically verified and peer-

reviewed too. This makes it

highlyvaluable, both to AI large

language models as trustworthy

source material and to audiences

and specialists looking for

human-led insights.

Strategic Report

Informa Annual Report and Accounts 2025

Investment case

Growth

focusand

opportunities

We’re a growth-focused business.

Wehave a track record of delivering

consistent revenue growth and we

have a range of opportunities to

continue to grow and expand, based

onserving our customers’ evolving

needs across multiple markets

andlocations.

A resilient

portfolio

Our business is well diversified by

customer, end market, product and

geography. We deliver a range of

products and services, which our

customers often regard as must-have.

Leading

positions

ingrowing

markets

We have leading positions in our

threemain markets: B2B Live Events,

B2B Digital Services and Academic

Markets. We work in geographies

thatare fast-growing and in a

rangeofspecialist markets that

aregrowingat pace too.

Opportunities

from data

andAI

We have extensive first-party

customerdata, which we are using to

develop new products and personalise

our customer experience. We’re using

AI throughout our business to harness

insights from our data, support new

services and work more effectively.

Attractive

financial

characteristics

Over 60% of our revenue is visible

– forexample, from being pre-booked

in advance – and recurs from year to

year. Our cash generation is high, our

balance sheet is robust, our capital

requirements are low and we have

improving margins.

Disciplined

capital

allocation

We are carefully considered in how

wedeploy capital. Our framework

balances investing in the business to

support sustainable organic growth,

providing returns to shareholders

through dividends and share

buybacks,and investing in adding

businesses and brands where it

createslong-term value.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Business model

Our markets

We work in specialist

markets, serving

customers including:

Professionals

who want to succeed in

what they do and stay

informed and up to date

Businesses

that want to find the right

customers, partners and

suppliers, and find relevant,

trusted information to use

in their business and

decision making

Researchers

who want their discoveries

and ideas to reach the

rightaudience and make

areal-world impact

What we do

We advance

understanding

We create and publish

expert research,

intelligence and insights

that help specialists

stay informed,

knowledgeable

anduptodate

We connect people

In dozens of different markets, we

bring the right people together in ways

that make a real impact: professionals,

peers, buyers, sellers, start-ups

andinvestors

Major live B2B events

On-demand and online events

Research journals, articles, books and

ebooks, and open research platforms

Specialist media, content and research

Accredited training

Partnering services

Buyer discovery services and

intent-to-purchase data

Brand awareness and audience

development products

Digital demand and

lead-generation services

We help markets succeed

Our brands help entire markets and

communities to meet, connect, trade,

share ideas and innovation, and solve

common challenges, driving their

development and success

Through

Strategic Report

Informa Annual Report and Accounts 2025

How we add value

Our revenue streams

Results and impacts

• Annual and multi-

year subscriptions

tojournals

• Purchases of

specialist books

andebooks

• Access to specialist

databases

• Access to archive

content

• Research article

reprints and other

content services

• Licensing and

dataaccess

• Article processing

charges

• Open book

publishing services

• Research editing

services

• Sponsorship and

promotion on

research hubs

• Event space including

standspace

• Paid event attendance

• Event sponsorship

• Award programmes

• Brand promotion via

eventapps, pre-event

marketing and onsite

• Content-focused brand

awareness and marketing

campaigns, including

sponsored webinars

andthought leadership

B2B Markets

Academic Markets

For

shareholders

Long-term capital

andincomegrowth

£620m

cash returns to

shareholders in 2025

For

customers

Knowledge and

connections that

drive professional

and business success

net promoter score,

Informa Markets top

50 events

For

colleagues

Professional growth

and opportunity, with

personal support

andbenefits

colleague

engagement score

For

partners

Committed long-term

relationships that

support commercial

success

$8.4bn

economic value

generated for cities

that host our events

For

communities

Making a positive

contribution through

economic and

community activity

£582m

total global tax

contribution

• We continuously invest in our

brands and product development

– often in collaboration with

customers – to keep improving

what we offer and increasing

itsvalue

• In each of our markets, we form

strong relationships with key

partners that help us deliver more

and better to customers

• Our culture encourages colleagues

to stay close to our customers and

markets, and to be creative and

agile in how we serve them

• Our customer interactions give us

unique, permissioned first-party

data and insight. We use this to

enhance our products and

marketing, and as the basis for

data-driven digital services

• Sustainability is embedded

throughout the business.

Itaddsvalue to our brands and

customers, and helps us make

awider positive impact

• We use our international presence

and scale to launch new products

and serve customers all over the

world effectively

• We are efficient and disciplined

inhow we use capital, striking a

balance between reinvestment

and shareholder returns

• We manage risk dynamically,

empowering teams to act

onmarket changes and

opportunitiesin real time

• Product listing and

promotionon digital

marketplaces and directories

• Access to lead generation,

buyer intent and data

captureplatforms

• Individual and corporate

training courses

• Subscriptions to

specialistresearch

• Consultancy services

• Purchases of individual

research and reports

Informa Annual Report and Accounts 2025

Strategic Report G F A

Growth

Chair’s introduction

Continuing

Informa had an excellent year

in 2025, and we continue to

focus on, and invest in, the

continuing growth and success

of this business.

Since the point at which I joined the

Group around a decade ago, Informa

has significantly transformed.

The company has built a true

leadership position in B2B Live Events,

working at an international scale that is

markedly different from 10 years ago,

and with a much-expanded portfolio

ofmajor brands that deliver real value

to customers.

In Academic Markets, our business has

also transformed. We have built strength

in the growing area of open access,

invested deeply in technology and AI,

and grown revenues 50% since 2015.

We have grown our position in B2B

Digital Services; invested significantly

in colleagues and culture; and have

made ongoing product development,

customer experience and customer

value priorities.

Thank you to all colleagues for the effort,

day in and day out, that delivers these

results, and to all shareholders for the

ongoing engagement and support.

Growth and One Informa

As I have said to shareholders before,

Informa’s products and services have a

tangible value and make a real difference

to businesses, professionals, researchers

and institutions.

There is nothing like engaging

customers in the middle of a major

liveevent to highlight how important

these products are for connection and

trade. Or meeting local businesses

andgovernment authorities, as we do

onan ongoing basis in many countries,

to underline the inward investment live

B2B events generate. Or talking

toinstitutions to understand the

powerful real-world impacts that

original published research can have.

There are many opportunities for

Informa to continue to grow and succeed

from here. The management team is as

energised, ambitious and motivated as

ever, and we are spending significant

time and resources on making the most

of the platform Informa has built over

the last 10 or so years.

Those growth drivers include taking

strong, established brands to new

locations, particularly some of the

higher-growth economies the Group

has built a presence in. They include

further developing our services to

event customers to provide them

witheven greater value, particularly

products that are driven or enhanced

by our first-party data. In the research

market, they include making the most

of our technology investments so we

can scale the research we publish in

anefficient way.

Strategic Report

Informa Annual Report and Accounts 2025

Informa is embracing AI, in all its

forms, as a way to develop products

more quickly, improve customer

experience and increase customer

value, and unlock colleagues’ time.

Our proprietary AI capability, Elysia, is

key to this, and work is progressing at

pace, with much more to come.

Several of these initiatives are being run

as part of the 2025-2028 One Informa

programme, which will be an important

contributor to Informa’s continued

development, growth and effectiveness

for the benefit of customers and

colleagues, as well as shareholders.

Ourgoal is to deliver at least 5%

underlying revenue growth, each

year,in the period to 2028.

Inside and outside Informa

My fellow Non-Executive Directors

and I always spend a considerable

amount of time around the company,

and stay closely connected to all our

stakeholders and to what is happening

in Informa’s markets.

It is one of the real pleasures of the

roletoo. It is always humbling to see

theexpertise that so many Informa

colleagues have,and the professionalism

and enthusiasm with which they work.

It would be an understatement to say

that there is a lot happening in the

world around us. This is where Board

members aim to contribute our

accumulated experience, relationships

and insights to what direct or indirect

impacts there could be from fast-

changing geopolitical developments or

evolving global trading relationships.

As the world evolves, so too do

opportunities and risks. It is for all of

us at Informa to stay aware of these,

but also to stay focused on developing

and delivering products that provide

real value, keeping our culture of

staying close to customers and trends

and acting fast, and having the right

combination of growth plans and risk

management processes in place.

Capital allocation and

shareholder engagement

Informa’s shareholders will be familiar

with the company’s approach to

allocating capital. In 2025, this was

again balanced between paying a

progressive dividend – which we

increased 10% – undertaking share

buybacks and investing for growth.

We believe that this balance, along with

the target range we have set for leverage,

is appropriate for the company and in

the best interests of shareholders and all

stakeholders. As we do each year, the

management team and I continue to

speak to shareholders regularly and take

views and feedback into account in all

key decisions.

In those conversations however, the

key focus is usually on what further

opportunities Informa has to grow.

Iam personally excited about what

Ican see ahead for the Group and

continue to believe that Informa has

the capabilities, ambition and plan to

deliver success long into the future.

Board succession

This will be the last year that I stand

for re-election as Chair of the company.

As described in more detail in the

Nomination Committee report,

aplanned succession process is

underway, with a view to confirming

a new Chair for the Group during 2026.

When that person formally takes up the

role in early 2027, they will be leading

aGroup that has built leading positions

in growing and attractive markets, a

business with true international reach

and, most important of all, a team of

world-class talent.

As ever, thank you to our shareholders,

to colleagues everywhere, and to

ourcustomers and partners for the

ongoing engagement and support.

John Rishton

Chair

11 March 2026

Long-term success

andSection172

Informa’s Board is committed to

performing all the duties set out

in Section 172 of the Companies

Act 2006.

For full information about how

we performed these duties, see

the Board’s year (pages 84 to 87)

and our Section 172 statement

(pages 88 to 91).

Informa Annual Report and Accounts 2025

Strategic Report G F A

Group Chief Executive’s review

Growth

Compounding

Over a decade ago, the

leadership team and Board

ofInforma set out tocreate

aconsistent international

growthbusiness.

Since 2014, we have set out to become

a market leader in B2B Live Events and

connected products; to expand and

diversify our Academic Markets

business; and to repair our then-

Intelligence business and consider

theshape of the Group’s portfolio.

We took decisions about the markets

and categories we wanted to work in:

industries, customer segments and

geographies that had attractive

characteristics and good long-term

growth potential.

We consistently developed our products

to make sure they were distinctive and

relevant to our customers’ goals. We

became an invested business: a company

that put consistent resources into those

products and into the technology and

capabilities needed for long-term success.

We set out to give talented colleagues

ahigh degree of ownership and

provide teams with the support and

focus to keep finding new and more

ways to serve our customers.

grew double digit on a reported basis

and almost 10% on an underlying basis

to £3bn (2024: £2,638m).

Business highlights

In our B2B Live Events businesses,

wesaw highly successful brand

launches, including the first edition of

Money20/20 Middle East, a brand we

welcomed into the Group in late 2024.

There was double-digit revenue growth

from our businesses in IMEA, South East

Asia and South America, and strong

results from our major brands and

franchises, including SuperReturn in

Private Capital and WHX in Healthcare.

Several of our larger biennial events

were held in 2025 and performed very

well too, including the Dubai Airshow,

which has become the world’s largest

commercial aviation event. Regionally,

our B2B Live Events business in China

had a somewhat more subdued year,

reflecting lower levels of economic

growth in thatmarket.

Our Academic Markets business,

Taylor& Francis, delivered a good

levelof growth from its core, recurring

business. Thisincluded continuing

double-digit revenue growth in our

open access business and a consistent

performance in subscription renewals

and other pay-to-read services.

Informa became that consistent

growth business, and the platform we

built has opened up new opportunities

for the company to grow further and

deliver in new ways for our customers,

colleagues, partners and shareholders.

During 2025 and as we move into 2026

and beyond, shareholders will find a

Group that is consistently maximising

those opportunities and focused on

compounding this growth going forward.

Strong Group growth in 2025

Informa had a further very strong

yearin 2025, meeting and beating the

ambitions we set out at a Group level.

Our revenues grew just under 14%

onareported basis to reach £4bn

(2024: £3.6bn), the first time the

Grouphas passed this threshold.

Similarly, adjusted operating profit

grew by almost 15% to £1,140m

(2024: £995m) and adjusted diluted

earnings per share increased by 11%

toa record 55.6p (2024: 50.1p).

These results are driven by a very

positive performance from our B2B

Live Events businesses, which account

for around three quarters of the

Groupby revenue. Revenues in our

international portfolio of transaction,

content and experience-led events

Strategic Report

Informa Annual Report and Accounts 2025

In 2024, we moved quickly on the

opportunity to partner with several

leading AI technology companies,

providing access to certain archive

Taylor & Francis data and content

fortraining large language models.

Thisdelivered additional royalties

forauthors and generated over $75m

inrevenue in that year, which we

expected would not repeat to the same

degree in 2025. This dynamic meant

that while recurring underlying

revenue growth was just over 3.5%

when excluding this revenue from

AIpartnerships in 2024, underlying

revenues overall fell by around 2%

when these non-recurring revenues

were included.

In B2B Digital Services, 2025 was the

first full year of Informa TechTarget,

which we created through combining

Informa’s technology-focused digital

services business and Nasdaq-listed

TechTarget.

This market has remained subdued, as

customers have continued to prioritise

spending on AI tools over data that

supports marketing and sales activity.

During the year, the Informa TechTarget

leadership team took a number of

actions to focus the business on areas

where we see the best opportunities

for our products.

Underlying revenue growth during

theyear went from (4)% in the first

halfto 1% in the second half, ending

2025 at (1.7)%. This progressive

improvement is encouraging, and the

team is fully focused on building on

thisprogress and growing through

2026. Informa TechTarget accounted

for just under 10% of Informa Group

revenues in2025.

In all, on an underlying basis, Group

revenues grew by over 6% in 2025,

andat more than 8% when adjusting

for the effect of the non-recurring data

agreements in Taylor & Francis and the

effect of Informa TechTarget being

consolidated into the Group.

Returns and recognition

Our strong trading performance was

accompanied by continuing growth in

free cash flow, which reached £885m

(2024: £812m). This fundamental

strength in cash generation and cash

conversion gives us the ability to keep

investing in our business, including into

our One Informa programme, as well

as into dividends and ongoing share

buybacks. We completed £352m of our

planned share buyback programme

during 2025 and will pay a total

dividend of 22.0p per share for 2025

(2024: 20.0p).

It was fantastic to see our recent

performance recognised by peers and

independent assessors during the year

too. Informa was named as one of

Britan’s Most Admired Companies

inJanuary 2026 in what is the UK’s

longest-running corporate reputation

study, conducted in partnership with

the London Stock Exchange.

In 2025, Informa once again ranked in

the top1%of the benchmark Dow Jones

Best-in-Class Index for sustainability.

This is the sixth consecutive year we

have featured in the top 1% to 2% of

ourcategory, which is a considerable

achievement, particularly as scoring

thresholds become progressively more

challenging each year.

Both are sources of real pride for us,

and they reflect our focus on increasing

the quality and impact with which we

work, in everything we do.

Growth in the knowledge

andinformation economy

As shareholders would expect, we set

ourselves in-year goals to perform

strongly and, at the same time, take

actions that are designed to generate

consistent compounding growth over

the long term too.

Those who work closely with us know

that Informa does not stand still. We

have built a strong business; we have

put ourselves in positions that mean

we can create new opportunities to

expand; and we are delivering on

thoseyear after year.

It starts with the markets we work in.

At its broadest level, Informa works

inthe knowledge and information

economy: in other words, the market

for getting smarter, being more

knowledgeable and up to date, being

better connected, sharing insights, and

applying new thinking and the latest

discoveries to your work or business.

We see nothing but growing and global

demand for these outcomes, from

businesses and professionals who want

to stay relevant and succeed in what

they do.

Latest Informa awards

Informa Annual Report and Accounts 2025

Strategic Report G F A

Group Chief Executive’s review continued

Compounding growth:

B2B Live Events

The categories we have chosen to work

in are in demand too, and this drives

our ability to grow consistently into

thefuture.

Live events form the largest part of

ourGroup because we fundamentally

believe in the power of live. As our

customers will attest, there is nothing

quite the same, or quite as powerful,

ascoming together in person to start

or deepen commercial relationships

and partnerships.

The best live events provide the ability

to meet, connect, learn from, be

inspired by, celebrate and do business

with thousands of others from the

same community, with a level of

efficiency and convenience – as well as

enjoyment – that other formats cannot

match. Done well, they become simply

unmissable industry moments.

Live events have only become more

valuable as the world has become more

digital, and our customer offering is

constantly evolving and improving too.

We created Informa Festivals to build

our position in the growing segment of

experience-led events, and to help us

build our capabilities in more immersive

and experiential event features. These

are becoming increasingly important to

all types of live events and they are one

of the ways we can deliver greater value

and an even better product to our

customers in the years ahead.

2025 was Informa Festivals’ first year

operating as a business, after we added

the LIONS and Money20/20 brands and

businesses to the Group in late 2024.

Ithas been a strong start and we are

excited about the potential this

business has for further development,

creativity and growth in 2026.

Compounding growth:

Specialist Knowledge

Demand for trusted and verified

knowledge is also on the rise,

particularly in a world where generative

AI is making it easier to create content

of all types and quality. All over the

world, people continue to make new

discoveries in different fields and

connect thoughts into new ideas and

concepts, which are then expressed in

the form of peer-reviewed research.

Making the most of this dynamic –

theincreasing demand for and the

increasing supply of advanced

knowledge and specialist research

–iswhere the further growth

opportunities for Taylor & Francis lie.

In Academic Markets, one of the

fastest-growing areas is open access

orpay-to-publish. We have invested

inexpanding this business and our

platforms, titles and capabilities over

the last decade. Itnow accounts for

over 20% of Taylor & Francis’s recurring

revenues, and this puts us in an

excellent position to grow further

andfaster, and support customers

asdemand for this model increases.

As the supply of research grows, we have

been investing in tools that allow us to

screen, verify and produce research at

higher volumes while maintaining its

quality and reducing the time it takes to

publish. The latest advances in AI are

creating many more possibilities for

enhancing products, bringing products

to market more quickly and redesigning

our processes for increased effectiveness.

Under the leadership of Penny Ladkin-

Brand – who joined us midway through

2024 – and her leadership team, our

ambition is for Taylor & Francis to

become a 5% growth business by the

end of 2028 by making the most of

everything we have built and acting on

the many opportunities we see in the

market for specialist knowledge.

Compounding growth:

B2B Digital Services

In B2B markets, businesses continue to

want to be better informed. For the

companies that are developing and

selling technology solutions, software

and products, winning business remains

highly competitive. Understanding what

is new in the market, getting insight into

what competitors are doing and where

there is open space, knowing who is in

the market for your category of product

and being able to reach them: these are

all as vital as ever.

Informa TechTarget sits squarely in

thisspace. We believe it has the right

ingredients to return to consistent

growth by targeting those customer

needs with more precision: from the

deep first-party data we hold to the

technology that makes customer

insights and leads actionable, our

subject matter expert analysts who

provide market intelligence, and the

specialist media brands that deliver

targeted digital marketing and brand

awareness campaigns.

Strategic Report

Informa Annual Report and Accounts 2025

B2B brand franchises

Pharmaceutical

$195m+

$125m+

Cyber security

Healthcare

Fintech

$105m+

$220m+

Growth and development

inour customer markets

Many of the customer markets we work

in are evolving too. This, combined with

our intentional focus on championing

customers, and our culture of taking

aflexible approach to serving their

needs, creates new opportunities

forus in turn.

We work in dozens of customer

marketsacross the Group. While there

are always some areas of difference

andindividual ups and downs, we focus

on specialist markets where staying

informed and connected matters.

Theseare industries and communities

that operate internationally, such

aspharmaceuticals, education, life

sciences and cyber security. They are

not immune tobroader economic or

geopolitical trends but they never stop

operating, and are always looking for

ways to develop and grow.

As our customer markets evolve, so do

we. Take space for example: a highly

specialist sub-sector of the broader

Aviation and Aerospace market that is

gaining interest from governments and

businesses worldwide interested in

technology innovation, satellite

expansion, new forms of transportation,

scientific exploration and security. Our

Aviation brands are, in turn, growing

what they offer, expanding our content,

programming, events and insights to

serve existing and new customers.

The same is true in Longevity, where we

are evolving and growing our medical

and anti-ageing brands to cater to the

fast-growing global interest in how we

can live healthier lives for longer.

Growth in our

internationallocations

One of Informa’s key features is our

extensive and growing international

presence. We operate at scale in dozens

of locations and major hubs for business

and education. These are cities that have

or are building large-scale event venues;

states and countries that are investing in

infrastructure, universities, education

and employment; and places where

businesses are starting up and growing.

In India, a country that is growing its

economy at over 6%, we have a team of

over 500 colleagues and run 25 B2B

brands. In Thailand, a key hub for the

ASEAN region, we operate over 15

brands in areas such as Packaging,

Professional Beauty and Fintech.

In the Kingdom of Saudi Arabia, which

is rapidly diversifying and opening up

its economy, we formed the partnership

business Tahaluf nearly five years ago

with key government ministries and

the Events Investment Fund.

Tahaluf continues to go from strength

to strength, in both its impact and its

performance. We now have several

hundred colleagues based in Riyadh,

with a mix of local and international

talent and a fantastic Saudi

graduateprogramme.

We are delivering around 20 large-scale

B2B brands every year that attract

local, regional and international

customers, in markets that are closely

aligned to the Kingdom’s investment

and growth priorities under Vision 2030.

Working in countries and regions that

are dynamic supports our consistent,

compounding growth. It also creates

opportunities to launch established

brands and intellectual property into

new regions.

We do this year after year. Just a

fewrecent examples are bringing

Money20/20 in Fintech and CPHI in

Pharmaceutical Ingredients to the

Middle East; World of Concrete in

Construction to China and India;

Vitafoods in Nutraceutical Ingredients

to Thailand and India; and WHX in

Healthcare to Nigeria and Kenya. Many

of our brands, including our already

largest franchises, have opportunities

to expand further geographically, and

we are actively developing and planning

similar new launches for 2026 and 2027.

To support this, as a leadership team,

we spend most of our time on the road

and in the places where our business is

growing and operating, from Cairo to

Istanbul, Shanghai to Singapore, Florida

to New York and beyond. The Board of

Informa similarly spends considerable

time meeting customers, partners and

colleagues, and seeing our operations

first hand in each of our key markets.

$90m+

Commercial real estate

CPHI

MONEY

20/20

CITYSCAPE

WHX

$145m+

Marketing

LIONS

BLACK

HAT

Informa Annual Report and Accounts 2025

Strategic Report G F A

Group Chief Executive’s review continued

Growth through partnerships

Another distinctive feature of Informa

is our partnerships. There are

customer markets and geographic

locations where we have taken the view

that we can grow further, operate more

effectively, or offer more and better

through partnership.

We have built considerable experience

and success in doing this over the last

decade: working with established trade

associations on live events that serve

their industries; with government and

local ministries on landmark events in

their locations; with founders who want

to expand their brands and businesses

further; and with professional societies

to bring their research to the widest

possible audience.

We put time and effort into nurturing

those relationships and creating

benefits for all of the parties, partners

and customers involved. This continued

in 2025 with the creation of inD: our

new partnership business with the

Dubai World Trade Centre (DWTC),

whichformally began operating in

January 2026.

We had already built a strong

relationship with the DWTC team –

whooperate the UAE’s major event

venues – from our 30 plus years

operating in that market. And we have

both been ambitious to grow our B2B

brands inalocation where the world

isincreasingly meeting.

inD combines Informa’s wholly-owned

events and training businesses in IMEA

with DWTC’s B2B events portfolios.

Itisa way each of us can scale our

businesses and deliver more to the

markets we serve by joining up our

expertise, customer relationships and

shared infrastructure, and bringing

ourbrands to new locations.

Growth through

One Informa

There are also opportunities for us to

grow further, and deliver more value

toour customers, by getting more out

of the platform we have built and the

investments we have made over the

last decade.

This is essentially what the 2025-2028

One Informa programme represents.

One Informa is our self-funded

programme for growth through

deploying more of the strengths we

have built across more of the company;

working as one in areas where we can

be more effective by doing so; and

using new tools and technology to

increase the efficiency and impact

withwhich we work.

One Informa involves some change and

different ways of working within the

company. Agility, thinking and acting

fast, having an open mindset and

improving year-on-year have always

been central to our culture, and it has

been great to see the support colleagues

have given to One Informa’s goals.

Specifically, One Informa includes

making the most of the depth of

first-party B2B customer data we

havegathered through IIRIS,

ourB2Bcustomer data platform.

Wearebringing Lead Insights –

ourproprietary lead reporting and

analytics platform, first developed

within the Finance portfolio – right

across our B2B business, giving more

customers more granular insights into

their customers and increasing the

value they receive from our brands.

Similarly, we have, in areas, developed

expertise and a powerful product

around curating meetings between

buyers and sellers, investors and those

looking for capital, suppliers and

distributors. This type of amplification

service – so-called because it amplifies

the value customers can get from our

brands – will be expanded to many

more portfolios and markets, and we

are continuing to advance and enhance

those matchmaking and partnership

products too.

Sustainability is another area in which

we have developed a real capability.

We believe that our products are

better, more highly rated by customers

and more effective when sustainability

is built into them. That might be

because our content delivered new

insight into a major sustainability

opportunity, or because we have

helped exhibitors to build stands that

can be reused or recycled, or because

we have been as efficient as possible

inhow we use energy, or because

wehave worked with a not-for-profit

partner that supports the success

ofthat market.

As our wider business continues to

scale and develop, we are expanding

and embedding our FasterForward

sustainability programmes further

andraising the bar on standards every

year: something that is very much in

keeping with the goals of One Informa.

Strategic Report

Informa Annual Report and Accounts 2025

Growth through the

powerofAI

AI has the potential to fundamentally

change how businesses operate.

AtInforma, we are seizing the

transformation opportunity it

presents,and at pace.

AI is an additional and significant way

we can unlock more growth and more

value for our customers, extending

theleading positions we have built

inourmarkets. For that reason,

wehaveput it at the heart of the

OneInforma programme.

In the last couple of years, we have

purposefully invested in building a

proprietary AI capability, Elysia. Elysia

takes the benefits of leading global

AImodels but combines this with the

proprietary data we hold, including our

depth of B2B customer data. It plugs

into every Informa colleague and brand,

and its roadmap and development are

governed by us according to our

priorities, customer needs and the

opportunities we see for our business.

Based on this capability, we are already

developing products more efficiently

and bringing them to market and to

customers more quickly than was

possible in the past. We are creating

entirely commercial products and

bringing new, and much more

advanced, functionality to our

existingbrands.

We are re-imagining workflows in all

our key functions to bring the benefits

of AI into all our daily processes. At the

same time, our technology, product

and AI experts are staying close to the

new possibilities that AI is creating

every week and month.

This is widespread, fast-moving and

exciting, and there is much more to come

both in the near term and long term.

Growth in 2026 and beyond

For our shareholders, we want to keep

delivering consistent, compounding

growth and returns, while maintaining

our investment in the Group so that we

remain a strong, highly-relevant and

successful business long into the future.

Specifically, our ambition is to deliver at

least 5% underlying revenue growth as a

Group going forward, and a higher level

still in our B2B Live Events business.

For our customers, our goal is to keep

advancing, improving and expanding

what we offer, providing ever greater

value and choice, and remaining fully

immersed in the markets and

communities we serve.

For all colleagues everywhere, we want

to keep being a highly professionally

satisfying and enjoyable place to work,

and a business that shares the benefits

of growth by investing in more career

opportunities and possibilities for

growth, a standout working experience,

attractive rewards, and a culture that

stimulates and supports us all.

Thanks to all Informa colleagues, and to

colleagues on the Board, for everything

that went into 2025 and everything that

goes into all that we do in the Group.

Thank you to shareholders for the

continued engagement and support,

and to the many partners we have

around the world that play such an

important part in our business.

Informa’s leaders are as committed

and ambitious as ever, and I for one am

excited about the range and depth of

opportunities the Informa Group has

ahead of it.

Stephen A. Carter CBE

Group Chief Executive

11 March 2026

Informa Annual Report and Accounts 2025

Strategic Report G F A

Key performance indicators

Our key performance indicators (KPIs)

measure how well we are delivering

our growth goals, creating value for

shareholders and colleagues – which is

important to our business model – and

performing on sustainability.

Calculations and reconciliations to statutory measures

page 51

Directors’ Remuneration report

pages 109 to 123

Glossary of terms: alternative performance measures

pages 220 and 221

Growth and financial performance

We delivered record revenues and adjusted operating profit growth in 2025. Underlying revenue growth was ahead of our

medium term target of 5%+. Reported revenue growth was higher still, reflecting the full-year contribution of businesses

added during 2024.

Revenue (£m) Underlying

revenue growth (%)

Adjusted operating

profit (£m)

025

024

023

3,553.1

4,041.4

3,189.6

025

024

023

11.6

6.3

30.4

025

024

023

995.0

1,139.8

853.8

Financial strength and stability

Our free cash flow grew strongly and to a record level in 2025, driven by higher profits and efficient working

capital management. Informa leverage is within our stated target range.

Free cash flow

(£m)

Informa leverage

(times)

025

024

023

812.1

884.8

631.7

025

024

023

2.6

2.4

1.4

Shareholder returns

Adjusted diluted earnings per share grew 11% during 2025: the fifth consecutive year of double-digit growth in

this measure. We continue to deliver consistent shareholder returns, increasing dividends by 10% as part of our

progressive dividend policy, alongside the benefits of our ongoing share buyback programme.

Adjusted diluted

earnings per share (p)

Dividend per share

(p)

025

024

023

50.1

55.6

45.3

025

024

023

20.0

22.0

18.0

Strategic Report

Informa Annual Report and Accounts 2025

Colleague engagement

One way we measure colleague experience is through the engagement index

generated by our annual Inside Informa Pulse survey. We aim to maintain a high

participation level, and this remained very strong in 2025 at 89%. Engagement

was also strong overall. We saw high and consistent levels in our established

businesses with some variation in newer businesses during the period when

theywere forming.

Engagement index

025

024

023

Sustainability progress

We track two sustainability-related KPIs at a Group level.

Our performance in the Dow Jones Best-in-Class Index

(formerly known as the Sustainability Index) continues

tobeat the top end of our peer group. Dow Jones scores

listed companies against over 20 economic, social and

environmental criteria, and we aim to achieve a strong

absolute score and relative position.

Greenhouse gas emissions (GHG)

2025 2024

UK ROW UK ROW

Energy consumption (mkWh) 3,349 16,918 2,879 13,143

Scope 1 emissions (tCO

e) 413 2,222 382 1,784

Scope 2 location-based emissions (tCO

e) 246 3,825 239 2,965

Scope 2 market-based emissions (tCO

e) 0 187 0 159

Scope 3 emissions from office waste, electricity transmission and distribution losses (tCO

e) 93 1,135 245 3,115

Scope 3 emissions from home working (tCO

e) 1,649 4,238 2,603 5,099

Scope 3 emissions from business travel (tCO

e) 24,286 29,522

Total scope 1 and 2 location-based emissions (tCO

e) 659 6,047 622 4,748

Intensity ratio of total location-based scope 1 and 2 emissions (tCO

e/colleague) 0.15 0.62 0.17 0.52

Total scope 1 and 2 market-based emissions (tCO

e) 413 2,409 382 1,943

Carbon offsets used to compensate for remaining emissions in scope for CarbonNeutral

company certification (tCO

e) 34,223 42,908

Residual carbon emissions post renewable energy and offsets (tCO

e) 0 0 0 0

As Informa grows, we aim to do so in a sustainable and

responsible manner. We have a well-established approach

tosustainability under our FasterForward programme. This

includes having set Science Based Targets and FasterForward

goals to reduce our carbon impact, which is measured

through the emissions listed here. This table also reflects

required disclosures under Streamlined Energy and Carbon

Reporting (SECR) regulations.

Calculations are based on the GHG Protocol and Defra

guidelines. Scope 1 emissions come from natural gas

heating, refrigerant gases, and vehicle and generator fuel

use. Scope 2 emissions come from electricity consumption.

Location-based emissions represent the average emissions

intensity of electricity grids in areas where we have offices.

Market-based emissions consider renewable electricity

purchases. Scope 3 emissions arise indirectly from our

supply chain. We report here on the emissions – including

scope 3 emissions – that fall into the CarbonNeutral

Protocolboundaries.

Informa is a CarbonNeutral

certified company, in accordance

with the CarbonNeutral Protocol. We buy carbon offsets

tocompensate for emissions that cannot yet be eliminated.

This certification covers our scope 1 and 2 emissions and the

scope 3 emissions reported above, as defined by the Protocol.

Bureau Veritas provides limited assurance over ourenergy

and water consumption data, scope 1 and 2 data,and limited

scope 3 data. Our Sustainability Reporthas full details.

Emissions can vary year-to-year according to business

activities and the expansion of office space; for example,

inodd years such as 2025, scope 1 emissions include the

additional generator fuel used at the Dubai Airshow. We

continue to mitigate scope 2 emissions through our ongoing

purchase of renewable electricity, which now covers 96% of

our offices. A reduction inthe DEFRA emissions factors, due

to improved aircraft efficiency, has contributed to lower

emissions from business travel.

Dow Jones Best-in-Class Index performance

(percentile and absolute score)

100th

2025

100th

2024

100th

2023

Informa Annual Report and Accounts 2025

Strategic Report G F A

Market-leading in:

Strategy

4. Brand

Better connecting our

brands to each other, and

toInforma, to strengthen

our presence and make it

easier to enter new markets

and grow internationally

3. Colleague

experience

Continuing to make Informa

a great place to build a

rewarding career, and

usingtechnology to free

upcolleagues to do their

best work

2. Customer

experience

Delivering a market-leading

experience to our customers

by further improving what

we offer and the end-to-end

experience of interacting

with and purchasing from us

1. Marketing

Fully using our data and

technology to engage

audiences more powerfully,

target new customers more

effectively and work at scale

moreefficiently

One Informa is the way we are delivering this strategy

between 2025 and 2028.

In addition to individual growth-focused initiatives

throughout our business, One Informa is centred on

fourcompany-wide programmes: marketing, customer

experience, colleague experience and brand.

Informa has had a consistent strategy

overthe past decade: to deliver strong

growth by focusing on specialisation –

specialist markets, specialist customers

and specialist products and services.

Strategic Report

Informa Annual Report and Accounts 2025

Year in review

With One Informa, we are focused on growth by making

themost of the platform we have built through years of

investment, expansion and development.

In 2025, this included initiatives to capitalise on and

maximisethe strength ofour brands, our international

reachand partnerships, our first-party data, our technology

platforms and investments, ourtalent and all our capabilities.

Informa’s capability: Elysia

Our key investment has been to build

aproprietary generative AI capability,

Elysia. Elysia draws on a selection of

leading AI models. Its power is in its

combination with our unique data sets

– including the first-party B2B customer

data held in our IIRIS platform – and our

specialist content.

As a proprietary capability, our teams

are developing it with a focus on use

cases that unlock the most value for us.

And as a private platform, it helps

guard against company-confidential

information from entering third-party

tools too.

Innovation at scale

Elysia launched to all our colleagues in

April 2025. It is available in several ways:

as an AI assistant via a dedicated app or

normal web browser, built into email

and other daily work tools, and as an

open technology platform that any

colleague can use to create individual

apps from. This puts advanced

technology into every colleague’s hands

to innovate, add value and solve

problems right across the company.

1,800 Elysia apps have been built so far.

One app that is in active use is Content

Compass, developed by a team of writers

and editors at Informa TechTarget. It was

created to research technology-related

topics that our target audiences are

interested in with more precision and

speed, and to identify other Informa

specialists to collaborate with who cover

similar topics.

Seizing the power of AI

Throughout Informa, we are

embracing the power and potential

of the newest forms of AI.

We are re-engineering how we work

inall areas of the business, building

AIinto our workflows and platforms,

using AI capabilities to develop new

products and release features and

services to customers more quickly,

and experimenting with other

applications as they emerge.

This is helping us create content that is

even more timely, relevant and valuable

for our audiences, strengthening our

position and engagement with them.

New AI and data-driven

products

The combination of leading AI and our

proprietary data is allowing us develop

new products for customers.

One of those is an Elysia-powered tool,

called Audience Insights, that will give

exhibitors a new data-driven way to

analyse an event’s audience. It will

provide simple, aggregated answers

about who will be attending an event,

using the first-party data we hold in

IIRIS, and visualises data in charts so it

can be widely used.

This will bring new value to exhibitors

by helping them better plan their

attendance according to which buyers

will be onsite, including identifying

which products to showcase and which

team members to bring, making the

most of their time and investment.

Early feedback has been positive and

theproduct will be further developed

and formally launched at key brands

during 2026.

Elysia is embedded into our online

Annual Report, making it simpler than

ever to surface new insights and get

easy-to-use summaries.

Tryitout at

annualreview2025.informa.com

Informa Annual Report and Accounts 2025

Strategic Report G F A

Year in review continued

Unlocking new customer

benefits with AI

We are deploying AI across our specialist

intelligence businesses, creating

newfeatures and services that help

customers unlock greater value from

ourproducts and their investments.

In Marketing, we launched several such

services in 2025. This included LIONS

Intelligence: an agentic workflow tool

that draws on content from across our

WARC, Contagious and The Work

brands. It helps customers conduct

deep research and find inspiration to

apply to their strategy, planning and

implementation more effectively than

ever, with sources ranging from the

latest intelligence and benchmarks to

our archive of over 250,000 award-

winning case studies.

In Foodservice, Technomic introduced

new AI tools to its Ignite platform.

These search across allformats of

theindustry reports wepublish, and

unstructured as wellasstructured data

and content. Subscribers – who useour

research toinform their business

planning and product strategy– can

now surface relevant insights more

quickly, get concise summaries and

visualise results in charts and tables,

making complex data sets much easier

to interpret and share, and delivering

greater value.

Faster product development

AI is also quickening the pace of our

regular product development, allowing

us to bring new features and product

improvements to market faster than

before. In 2025, for example, Taylor &

Francis launched an improved research

dashboard for customers to manage

their publishing agreements, using an AI

coding assistant to significantly speed

up development. The new dashboard

provides a better experience and allows

us to add more advanced features more

easily in the future.

Powering workflows with AI

As well as embedding AI into our

commercial products and processes,

we are building AI into the daily

workflows of all our key functions.

In Taylor & Francis, this includes

introducing AI-driven tools that help

editors and peer reviewers with

screening research submissions for

quality, integrity and ethical checks.

We are developing a manuscript

readiness checking tool that reduces

undue hold-ups in the time it takes to

publish research. It helps editors check

for any ethical matters relevant to the

research topic more quickly, flags if

anycitations could require additional

scrutiny, and makes sure relevant

information, data and conflict of

interest disclosures are present as

expected. We have also created an

automated citation checker that helps

our teams detect more instances of

incorrect references.

As the global supply of research

continues to grow, these tools will

helpus support this growth and keep

increasing the submissions we accept,

while maintaining thehigh standards

that academic content requires.

Strategic Report

Informa Annual Report and Accounts 2025

Extending brands

to newgeographies

Taking our brands and intellectual

property to new locations is a

significant and continuing growth

opportunity for us.

We have a strong track record in

geo-cloning our established B2B

brands, bringing them to new locations,

and adapting formats and features

tosuit different geographies and

customer needs.

The markets we serve are international,

and our customers and communities

want to learn, connect and trade on a

global basis. Having expanded the

number of major brands in our portfolio,

and grown our teams and partnerships

in key locations around the world, we

have further opportunities ahead too.

Expanding major

brandsglobally

In 2025, we launched the first edition

of Money20/20 in the Middle East, in

Riyadh, which became one of our

largest-ever launches.

This brought together the strength

andstanding of the Money20/20

brand,the team’s deep expertise

andrelationships inFintech, and the

local market knowledge, relationships

andoperational experience of our

Tahalufbusiness. It also capitalised

onthe strong interest in technology,

payment innovation and bank

alternatives in the region.

Money20/20 Middle East drew 38,000

attendees and 1,000 investors, with

abalance of national, regional and

international participants.

Tracey Davies, President of Money20/20,

said: ‘Bringing Money20/20 to the Middle

East has long been a goal, given the

region’s importance to the global

payments andbanking sector. We

successfully launched the event within

ayear of becoming part of Informa,

drawing onTahaluf’s expertise, and

exceeded customer expectations.’

Annabelle Mander, Executive Vice

President at Tahaluf, said: ‘We proudly

built Money20/20 Middle East in Saudi

Arabia, but it’s designed to serve the

world. We were able to localise a global

brand, at scale and with success,

because of a highly-experienced team

of colleagues whoare embedded on

the ground inthe Kingdom, and have

built deep and trusted relationships

across government, regulators,

investors and the industry.’

Matching global research

andeducation growth

In Taylor & Francis, we have set out to

increase our presence in the Middle

East, where government investment in

higher-level education, universities and

research institutions is growing. This is

increasing the demand for access to

advanced learning content and will,

over time, increase the supply of

research from the region too.

In 2025, we launched a dedicated

Middle East and North Africa digital hub

for regional customers. We expanded

our relationships and profile through

targeted events, including anevent

inDubai on research integrity for

educational institutions; a researcher

boot-camp in Riyadh; and influencer

partnerships. We are also recruiting

more editors from the region, to reflect

the growth inlocal scholarship and

ensure a balance of representation on

editorial boards. All of this activity will

step up further in 2026.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Year in review continued

In the markets we work in, ongoing

product development isa must.

Customers want their services and

experiences to keep getting better.

Technology developments create

new ways to deliver products

andservices, and increase the

expectations customers have

ofasmooth experience.

We are continuously working on and

investing in product development, so

that what we offer remains relevant and

keeps improving and delivering more

value to customers from year to year.

We use feedback from day-to-day

customer conversations, inputs from

surveys and panels, and data from

product use to make sure that our

product development is targeted

andeffective.

As part of our cross-business

OneInforma customer experience

programme, we are developing a

newsingle point of access for our B2B

customers when they buy services from

us. This will improve and streamline the

experience, particularly when customers

buy multiple products, as today this can

vary by brand and feel fragmented. The

platform will also allow customers to

make payment and find information in

amore self-service way, and help them

view all of the brands and products they

have access to or could be interested in.

B2B product development

inaction

Immersive experiences: At SuperReturn

International, we expanded opportunities

for customers to connect and build

partnerships by increasing meeting

spaces and introducing a new structured

meeting and matchmaking programme,

Allocate. Along with more immersive,

branded experiences across Berlin and

new specialist summits in secondaries,

sports and private wealth, customer

satisfaction increased.

Celebrating industries: To immerse

customers in its new host city of

Barcelona in 2025 and provide a

different and celebratory experience,

Labelexpo Europe took over the city’s

Time Out Market to host a welcome

and awards party for 800 people.

Fashion matchmaking: We expanded

our Fashion matchmaking programme,

called Brand Curation, by creating

more meeting lounges and engaging

morecustomers on the opportunity.

Across brandsincluding MAGIC,

PROJECT and SOURCING, we facilitated

nearly 800 meetings between

VIPbuyers and selected up-and-

coming brands in2025, a 75% increase

on2024, supporting thecreation

ofnew commercial relationships.

High-impact meetings: Money20/20

launched anenhanced meetings

product, SmartMeet. Through it, we

curate one-to-one meetings between

fintech buyers andproviders at our

events, supporting relationship-

building and deal-making. Meetings are

qualified and prescheduled in advance

through our tool and managed by us

todeliver ahighly-focused and

efficientexperience.

Enhancing rebooking: We further

improved the rebooking process for

sponsors and exhibitors at Black Hat

USA. A key feature is our purpose-built

onsite tech hub, which now visualises

all the commercial opportunities

available across different formats for

the year ahead and what is sold and

available, making it easier to see all

options and secure slots well in

advance for planning purposes.

Enhancing customer experience and value

Strategic Report

Informa Annual Report and Accounts 2025

Targeting buyers

at Fi Europe

The market for Food Ingredients

isinternational and dynamic, with

lotsof investment into research and

development to find the next big

flavour or ingredient. But it has

structurally lower margins than some

markets, which makes effectiveness

and return on investment even more

important in sales and marketing.

Fi Europe started out in 1986 and is

now a major annual event, with over

1,500 exhibitors. For its 30th edition

in2025, we introduced a new version

of Lead Insights on a trial, opt-in basis.

After a positive reception, it will

become an integrated part of our

exhibitor packages in 2026.

What is most valuable to exhibitors are

qualified leads and deep insights into

potential buyers that they can act on.

We trialled a new buyer intent score

feature on Lead Insights, which scores

attendees according to their likelihood

tobuy specific categories of

ingredients in the near term, based on

signals given by the data we collect.

It is not unusual for exhibitors to have

more onsite meeting requests than

theycan fulfil. Lead Insights’ tools allow

them to focus their time on buyers

whomatch their ideal profiles, while

providing insights into those buyers

sothey can present their product as

powerfully as possible.

High-quality first-party data is key to

this. At Fi Europe, we capture the data

generated when attendees use our

event app to request meetings, view

products and companies, and swap

contact cards, and when badges are

scanned at booths and throughout the

venue. We use beacon technology

tosupplement our understanding of

what attendees are interested in based

onwhere they spend time onsite. Plus,

we capture data through our Food

Ingredients media platforms when

individuals attend webinars, download

reports and read news content, all of

which information flows through IIRIS

tothe Lead Insights dashboard.

We have also found that training

exhibitors on how to get the most

outof LeadInsights is important to

itssuccess. Fi Europe had a dedicated

lounge todemonstrate the product to

everyone on our exhibitors’ teams in

situ and answer individual questions.

In 2020, we created IIRIS, our

proprietary customer data platform,

which holds the first-party customer

data generated by our B2B brands.

Around IIRIS are processes and

technology to cleanse, augment and

connect the data we collect from our

events and digital products, and tools

that allow us to apply that data to

our services, marketing and sales.

From IIRIS, we have developed new

products such as Lead Insights, our

custom-built lead capture, analysis

andreporting platform. It provides

exhibitors, sponsors and other

commercial partners with detailed,

real-time, year-round insight on the

customers and prospects who have

interacted with them, whether they

engaged at one of our live events or

with a digital campaign or content

through our media brands.

Under One Informa, we are expanding

Lead Insights to more of our brands

and further developing its features, to

maximise the value of our first-party

data and give customers greater value.

Maximising the power of data

Informa Annual Report and Accounts 2025

Strategic Report G F A

Year in review continued

Partnerships are a significant and

successful part of our business

model, and they continue to be a

driver of growth and opportunity

forInforma and for our partners.

Our partnerships take many forms.

InB2B Live Events, they include

partnerships with trade associations,

venues, local governments and city

officials, and founder-owners of events

who join our Group. In Academic

Markets, they include the professional

societies and research foundations and

institutes whose research we bring to

the widest possible audience.

Our management teams spend

considerable time with our partners,

developing close relationships with

afocus on delivering growth and

benefits for all parties, including our

customers and communities.

Latest partnership highlights

Creating inD:

inD, which was announced in 2025 and

formally came into effect in January

2026, is our new partnership business

with the Dubai World Trade Centre.

Itsupports our further growth in

IMEA,allowing us to bring more of

ourinternational brands to Dubai –

where venue capacity is also increasing

in 2026 – and for DWTC’s brands totake

advantage of our international reach

tolaunch into more countries.

Expanding Informa Prestige:

In 2025, we extended our long-term

partnership with and presence in the

Principality of Monaco by adding Art

Monte-Carlo to Informa Prestige, our

portfolio of Luxury & Lifestyle brands.

Strengthening researcher collaboration:

In Taylor & Francis, we further expanded

our partnership with the professional

network for researchers, ResearchGate,

in early 2026. This gives us new ways to

engage researchers internationally and

allows ResearchGate’s users to discover

and access more of our content

moreeasily.

Increasing B2B technology partnerships:

In Informa TechTarget, we regularly

partner with specialist tech providers

to deliver more value and a better

experience to our mutual customers.

During 2025, this included developing

new integrations between our Portal

and tools from partners at Outreach,

Demandbase and Salesloft.

Growing Tahaluf:

In the Kingdom of Saudi Arabia, our

Tahaluf business is a partnership with

the Saudi Federation for Cyber Security

and Programming and the Events

Investment Fund. It has gone from

almost a standing start in 2021 to a

portfolio of around 20 brands in 2025

and continues to grow, with planned

2026 launches including LEAP East and

the Kingdom of Gaming.

Growth through partnerships

Strategic Report

Informa Annual Report and Accounts 2025

Making the most

of great talent

We put considerable focus on

investing in our talent and culture

from year to year, because what our

colleagues bring to work drives our

ability to grow, succeed and serve

customers with excellence.

With the launch of One Informa in

2025, we have made it a priority to

create a market-leading colleague

experience across the company;

something that has several elements to

this, all of which are designed to make

Informa a professionally stimulating

and rewarding place to work.

Expanding career

opportunities

In 2025, our major focus was on

expanding career and professional

growth opportunities. This responds

totheconsistent feedback given by

colleagues: that building skills

throughlearning, mentoring and

coaching, getting opportunities

fornewexperiences and moving

aroundthecompany are what makes

Informaan engaging, rewarding and

professionally satisfying place towork.

We took an internal-first approach

tohiring during the year to give more

opportunities to current colleagues

and help keep talent in the company.

We increased job advertising in our key

offices and created by-function talent

communities where colleagues are

proactively contacted about roles

theymight be interested in.

We also added one-to-one career advice

clinics with senior leaders to our annual

careers week programme, which were

oversubscribed. Taken together, these

actions helped us further increase the

proportion of open roles that are filled

by internal candidates, from 30% in

2024 to 44% in 2025.

We expanded our popular, home-

grown programme Showmakers,

whichresulted in a 280% increase

inparticipants. Showmakers gives

colleagues in any role the chance to

work a job at one of our live events

intheir region. It represents a way

colleagues can get a new experience

without moving roles, and network

andget to know our business

andcustomers better, increasing

engagement with what we do.

During the year, we redeveloped and

relaunched our learning offering as

The Campus. This online platform

offers everyone function-specific

courses, accredited learning and

access to internal mentors and

coaches. We built a specialised Elysia

Career Coach agent to sit at the heart

of The Campus too. This AI coach

provides personalised career guidance

and signposts relevant content and

opportunities, including open roles,

according to colleagues’ profiles.

Diving into AI

We accompanied the launch of Elysia

in2025 with a wide-ranging programme

of learning and engagement for

colleagues, designed to support and

inspire everyone to make the most

ofAI in their roles and teams.

This has included creating a trailblazer

network of colleagues who have

volunteered to become go-to-experts

and bring the latest developments,

insights and use cases to their teams.

We have held function-based

hackathons, where colleagues compete

to build and launch apps that address

real-world opportunities, and taken

Elysia on a global roadshow to share

inspiration and practical use cases with

all our teams. Short, on-demand feature

demonstrations are also available to

everyone at any time through our

learning hub, The Campus.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Year in review continued

Inclusion across

ourcommunities

Data matters to our work to build a

market-leading colleague experience.

In2025, we ran a confidential survey,

called All In, to gather more information

and insights about our colleagues’

backgrounds and demographics globally.

This also helps us prepare for potential

future reporting requirements in the UK

that may include colleagueethnicity

anddisability.

35% of eligible colleagues took part,

which we see as a positive start to

buildon in the future.

Our Inclusion & Diversity programmes

continue, as part of our work to make

career opportunities open to everyone

and support all our colleagues to

workat their best. We have a range

ofcolleague-run networks focused

ondifferent communities within our

company, which organise events and

networking year-round that are

accessible to all.

Following the measure used by the

FTSE Women Leaders Review, the

proportion of women in our leadership

community increased during 2025 from

37% to 40%. We continue to track this

data closely to see the impact of our

work to make career growth widely

andbroadly available.

Female Male

All colleagues 8,565 | 61% 5,487 | 39%

Senior management anddirect reports 206 | 42% 280 | 58%

Directors 5 | 45% 6 | 55%

Investing in our culture

We consistently invest in our culture,

prioritising the areas that matter most to

colleagues and the company’s success.

Our ShareMatch share programme is

one such area. It is rewarding, offering

free company shares and the chance to

benefit from any increases in Informa’s

share price, and it helps colleagues feel

a greater sense of ownership over what

we do and engage more deeply. We

launched ShareMatch in a further two

countries – Mexico and Bahrain – in

2025 and are introducing it to four

more locations in early 2026. Between

ShareMatch and our US version, the

ESPP, nearly 95% of colleagues are

ableto invest in the company in

advantageous ways.

Our offices are another area of

investment. Spending a good amount

of time together, in person, is an

important part of our culture. We have

purposefully invested in our offices

over the last four years to make them

higher-quality, more collaborative and

more stimulating environments, and to

bring in technology that makes it easy

to work there effectively. In 2025, we

opened a new hub office in Dubai, with

new spaces to come in Mumbai and

Riyadh in 2026.

How engaged colleagues are – in

termsof participation and motivation

– remains important to what we do.

Wemeasure this in many ways, as

wellas formally through our annual

Pulse survey.

Participation in 2025 was very high – at

just under 90%, which is consistent with

2024. Our engagement index score was

again strong and encouraging – at 73%

– with high and consistent scores in

ourmore established businesses, and

slightly lower from teams going through

higher levels of change, predominantly

inour newly-formed businesses. We

areacting on feedback, including by

doubling down on career opportunity

programmes in these areas.

Comprehensive year

round support

Creating a market-leading

colleague experience is also

about getting the fundamentals

right. We continue to provide a

range of flexible benefits and

other forms of support across the

countries we work in, including:

• A Colleague EAP: free anytime

assistance from an expert

third-party provider

• Mental Health first aiders:

trained colleagues who can

signpost others to support

• Subsidies for health, wellness

and exercise in the UK, and a

tax-efficient ride-to-work

scheme

• Informa Anywhere: a work

from anywhere programme

• Up to four days of paid time off

for volunteering

• An annual birthday day off

• Further health and financial

benefits on a by-country basis

Strategic Report

Informa Annual Report and Accounts 2025

Advancing on sustainability

We have just completed the final

year of our 2020-2025 FasterForward

programme to embed sustainability

in relevant and impactful ways

throughout Informa.

As we grow, doing so sustainably

andresponsibly is paramount.

FasterForward helps us do this: making

our products, customer experience and

operations higher quality and more

relevant; meeting – if not exceeding –

theexpectations of stakeholders such as

customers, colleagues and shareholders;

and contributing positively to the

specialist markets and communities

wework in.

In 2025, we continued to deliver

ourkeyprogrammes to good success

while planning for the next phase

ofFasterForward, which will begin in

2026. As with many other areas in the

company, we are continuously investing

in sustainability and adjusting and

enhancing what we do, whether that is

to capitalise on new opportunities, raise

the bar as standards increase or adapt

to the development and expansion

ofour business.

Expanding the Fundamentals

The Sustainable Event Fundamentals

isour framework for embedding

sustainability into every aspect of

anevent brand. It is based on six

areasrelated to the FasterForward

programme that contribute most

significantly to an event’s sustainability:

carbon and waste, sustainability-related

content, procurement, stakeholder

engagement, community and wellbeing,

and governance.

Each brand is scored against 16

criteriaacross these areas and

receivesfeedback on how to improve,

with high-scoring events celebrated.

Our goal is to progressively increase

the number of accredited events,

defined as those scoring at least 10

points from the maximum of 16, and

progressively increase average scores.

We have also introduced additional and

more demanding criteria over time to

increase the overall impact we have.

Taking action on waste

Our single largest source of waste is when

exhibitors choose to assemble single-use,

rather than multi-use, stands at our

events. To address this, we created the

Better Stands programme in 2019 and

have been embedding it across all our

events as part of FasterForward.

Better Stands rates each stand for

itsreusability across factors such

asflooring, lighting and walls, and

categorises them as disposable, bronze,

silver or gold. We publicly recognise

exhibitors and contractors that choose

more sustainable approaches.

In 2025, our efforts focused on

locations outside of Europe and the

US,where reusability is newer to

themarket. We saw good results in

Mexico and Brazil, where the number

of single-use stands reduced by 65%

between 2024 and 2025 thanks to

consistent engagement with exhibitors

and their contractors. At CBME in

China, one of our power brands, we

offered Better Stands design packages

to make it easier for customers to be

part of the programme.

Our goal is that reusable stands

become the industry norm, and this

took a significant step forward in 2025.

Better Stands has now been adopted

by a cross-industry group that

includesdozens of events organisers,

associations, stand builders and

venues. It is being run as anindustry-

wide programme, helping allof us

make progress on what is a

sharedopportunity.

See how print-on-demand

works inthis video

The number of accredited events

increased to 468 in 2025 as we rolled

out to more brands, and we have

assessed 2,000 events overall during

FasterForward. Average scores have

increased by 14% since 2019. In 2026,

we will be updating the criteria used

toassess events, to align with the

goalswe set out in the next phase

ofFasterForward.

Publishing advances

In Taylor & Francis, the main source of

waste and carbon emissions comes from

printing, packaging and shipping physical

copies of books and journals when

customers choose to buy these formats.

We have continued to reduce this

impact through our print-on-demand

and self-printing programme. This

better matches supply and production

with demand, reducing the waste and

emissions generated from products

that are not used or sold. We have

increased our network, partnering with

printers in each of our main markets,

so that emissions from transporting

products are lower than if they were

printed and shipped from a central

location, and products reach

customers more quickly too.

Further steps we are working on

include engaging with printers to

increase their use of renewable

energy,making more of our packaging

recyclable, and taking advantage of the

lower-emission transport and lower-

carbon paper options that are coming

to market.

c40%

reduction in carbon emissions from

printed books and journals since 2019

16%

reduction in waste fromevents

pergross m

since 2019

50,000

stands assessed in 2025

Informa Annual Report and Accounts 2025

Strategic Report G F A

Year in review continued

FasterForward achievements

When FasterForward was launched in

2020, it was built around of the areas

that were most relevant and important

toour business, stakeholders and the

markets we worked in. We setseveral

stretching 2025 goals as stepping stones

towards our longer-term ambitions.

Wehave seen both substantial progress

towards our goals, and the benefits

ofFasterForward on our business,

products, customers andcommunities.

In carbon, our scope 1 and 2 emissions

have reduced by 55% since just before

FasterForward started in 2019, and by

80% since 2017, which is the baseline for

our Science Based Target. We have

become certified as a CarbonNeutral

Company and for CarbonNeutral

Publications in Taylor & Francis. Several

events have been similarly accredited,

but here, we adjusted our focus over this

time and instead of pursuing further

accreditation, we prioritised achieving

abroader set of sustainability goals

through participation in the Sustainable

Event Fundamentals.

In waste, we have made good progress

and achieved a reduction of 16% of

waste from our events, measured by

their gross space per m

. This is less

than our original FasterForward goal

of50% and reflects the interruption

caused by the pandemic, which meant

several event production cycles were

missed. With Better Stands now well

advanced, and being adopted by the

wider industry, we are confident we

can achieve further reductions in the

years ahead.

In sustainability-related content and

programming, 88% of brands

participating in the Fundamentals

embed a level of sustainability into

their content, and 73% of our top 100

brands, including Taylor & Francis, have

achieved a more stretching criteria for

the relevance and quantity of their

sustainability content. During this first

phase of FasterForward, we identified

a small number of brands where this is

likely to be difficult to achieve due to

the nature of the content, such as in

our mathematics journals, and will

adjust for this in the future.

We have successfully met our

FasterForward goals around supporting

and contributing to our markets and

communities. This includes the aim to

generate over $5bn in value for the cities

that host our events, and to provide one

millionpeople from disconnected or

disadvantaged audiences with

access toour products.

FasterForward evolution

Our experience over the last five years

is informing how we will refresh and

update our focus and goals for the next

phase of FasterForward, which will run

from 2026 to 2030. We are evolving the

programme to reflect Informa as it is

today, the areas where we can make

the greatest impact, and our growth

and One Informa focus.

We regularly assess our events to

measure the extent of the time and

carbon customers save by consolidating

travel and business activity into one

efficient trip. This will remain a key

FasterForward goal as we continue to

maximise value and experience for our

event customers.

We will also continue to take into

account what stakeholders tell us is

important and factor in changes in

theworld around us, including how

theScience Based Targets initiative

defines matters such as net zero, and

forthcoming changes to European

corporate reporting.

$8.4bn

economic value created in 2025

forthecities that host our events

SustainabilityChampioning

Sustainabi lity Report 2025

Read the full

Sustainability Report

on our website at

informa.com

Strategic Report

Informa Annual Report and Accounts 2025

Recognition and awards

High-performing member of the Dow Jones

Best-in-Class Index

Ranked A- for environmental impacts

onenvironmental disclosures

andperformance

Rated AAA for management ofESGrisk

Market-leading performance

As well as tracking ourselves against

internal goals, we measure our progress

through a selection of major industry

rankings that benchmark us to peers

and often become more challenging

over time as their criteria develop.

In 2025, we maintained a leading

position in the Dow Jones Best-in-

Class Index – a key performance

indicator – and ranked in the top

1%ofthe global media sector. Since

just before FasterForward started,

wehave moved from the 92nd to

the99thpercentile. We were again

rankedhighly, at A-, by CDP for our

disclosures and performance on

environmental measures, having

ranked as a C before the start of

FasterForward. We were given

anAAArating by MSCI for our

management of ESG-related risk

in2025.

Embedding sustainability in our operations

We continue to manage our carbon footprint closely and take actions that reduce and limit the carbon emissions that

are under our direct control.

SBT: we have set a Science Based Target aligned with limiting global temperature rises to a maximum of 1.5°C

Carbon Neutral: we are a certified CarbonNeutral

Company, and all Taylor & Francis printed books and journals

are certified CarbonNeutral

Publications

Renewables: renewable energy powers 96% of our offices by consumption and 85% of events by attendees

Offices: energy efficiency is considered in all of our new office investments

Travel: we purchase high-quality carbon offsets that reduce or remove carbon to offset all colleague business

travel and emissions from our offices

Technology partners: our key data centre partner uses renewable energy and is taking action to use water

moreefficiently

Informa Annual Report and Accounts 2025

Strategic Report G F A

Informa

Markets

Transaction-led

events

Informa

Connect

Content-led

events

Informa

Festivals

Experience-led

events

Business review

£3,003m

Revenue

2024: £2,638m

£858m | £496m

Operating profit

adjusted | statutory

2024: £718m | £380m

Revenue

£1,964m

2024: £1,738m

Revenue

£641m

2024: £701m

Revenue

£398m

2024: £199m

Revenue growth

underlying | reported

10.8% | 13.0%

Revenue growth

underlying | reported

6.8% | (8.6)%

Revenue growth

underlying | reported

7.7% | 100.4%

Revenue by type

88%

Sponsorship

& exhibitors

Attendees

Other

Revenue by type

49%

Sponsorship

& exhibitors

32%

Attendees

19%

Other

Revenue by type

50%

Sponsorship

& exhibitors

27%

Attendees

23%

Other

Revenue by region

34%

Americas

28%

Asia

22%

IMEA

Revenue by region

68%

Americas

23%

Europe

IMEA

Revenue by region

44%

Europe

41%

Americas

11%

IMEA

B2B

Live Events

Strategic Report

Informa Annual Report and Accounts 2025

$30bn+

estimated size of the global

B2B events market

c30%

growth in global venue space

over the last eight years

1. The power of live

As our lives have become more digital,

automated and screen-based, demand

for high-quality live events and live

experiences has grown.

We connect, learn and work online

more than we ever have before.

Andwhether it’s in sports, music

orbusiness, opportunities to come

together as a community in real life

and connect in person are now more

scarce, and so are more valuable.

Leading live events have become key

moments and focal points in the year

for the communities they serve, and

can command a premium. Attending

ismore purposeful and planned out

however, to make maximum use of

time, travel and investment. Smart

technology and apps are also must-

haves to create a smooth experience.

2. B2B markets continue

tospecialise

Major industries don’t stand still.

Markets evolve and different specialist

segments emerge and become more

important over time: for example,

thegrowing importance of food

supplements to Natural Products,

anti-ageing to Medicine and data

centres to Enterprise IT and AI.

Changes within the markets we work in

can create opportunities: to expand or

tailor what we offer or to serve a new

sub-community, for example. But they

also demand adaptability, agility and

continuous product development,

andthis makes it critical to stay close

tomarket trends and customer needs

asthey evolve.

3. Data drives new value

The world is generating more data,

andin every sector, businesses want

more and better information on their

customers so they can engage them

assuccessfully as possible.

The first-party data our products

capture is particularly valuable.

Through our B2B events, media and

intelligence brands, we – and our

customers – interact directly with

known and identifiable companies and

professionals in dozens of different

ways. New technology allows us to

capture a greater range of data, and

advances in AI mean that data can be

analysed in deeper ways too.

Insights from this data can help

exhibitors, sponsors and other

commercial partners engage the

righttargets more effectively. They

also allow us to better personalise

ourproducts and make our marketing

and sales activities more powerful.

4. Experience matters

When businesses and professionals

attend live events, the quality and

distinctiveness of the experience

matter more than ever.

With expectations rising, and new ways

to engage customers emerging, adding

experiential features to events of

alltypes can add value, increase

satisfaction and strengthen brands.

These include immersive hands-on

experiences, greater personalisation

inagendas, highly-exclusive content,

formats that enable more targeted

networking, and industry celebrations.

Experience-led events, such as

festivals, are also becoming a distinct

category of event as the industry

matures and segments.

5. MICE grows in importance

Major live events bring large numbers of

people to one location, which stimulates

trade and investment through business

connections and through the time and

money they spend directly and indirectly

with local businesses.

Governments around the world

recognise that in this way, the Meetings,

Incentives, Conferences and Events

sector (MICE) can contribute to

economic growth.

A range of countries are proactively

supporting – and sometimes

incentivising – live events as a result.

This is directing investment towards

the infrastructure needed to host

major events and deliver a great

experience to visitors, such as well-

located large-scale venues, well-

connected airports with a range of

airline routes and carriers, and good

hotel availability and transport options.

B2B market trends

Informa Annual Report and Accounts 2025

Strategic Report G F A

Informa

Markets

Informa Markets focuses on

transaction-led B2B events, where

companies of all sizes come to

dobusiness. These are typically

large-scale exhibitions, held in large

venues in major cities and business

hubs all around the world.

Informa Markets has major brands in

over a dozen specialist end markets.

Food, Pharmaceuticals and Healthcare

are its top three markets by revenue.

Five of our 10 largest franchises sit in

thisdivision. They each generate over

$75m in revenue a year: CPHI in Pharma

Ingredients, WHX in Healthcare, Dubai

Airshow and MRO in Aviation, Cityscape

in Real Estate and Jewellery & Gem in

Jewellery. Informa Markets is also home

to specialist media and intelligence

brands that serve the same markets with

expert content, including Aviation Week,

Farm Progress and Boat International.

2025 performance

Informa Markets grew very strongly

again in 2025. Underlying revenue grew

10.8%. Reported revenues grew even

faster, at 13.0%, boosted by the larger

biennial events that ran during 2025.

Our international breadth continues to

drive growth, with particularly strong

performances in IMEA – including

fromour partnership business in the

Kingdom of Saudi Arabia, Tahaluf –

andin South East Asia. These regions

have higher levels of economic growth,

which in turn supports demand for

trade andtransaction-led events and

for established international B2B

brands inparticular.

Our brands and businesses in

NorthAmerica delivered solid growth.

In China, our financial performance

wasmore subdued, reflecting slower

economic growth and reduced

business activity in the country overall.

A key factor in Informa Markets’

performance is the strength and scale

of our B2B brands. Our marquee and

power brands – events with revenues

of over $10m – grew particularly

strongly in 2025, with exhibitor

rebooking rates remaining strong too.

During 2025, we added a small number

of complementary brands to portfolios

in Informa Markets, strengthening our

position and customer relationships in

markets we know well and have chosen

to focus on. This included bringing Art

Monte-Carlo into the Informa Prestige

portfolio, which includes Luxury &

Lifestyle brands such as the Monaco

Yacht Show, Top Marques and

BoatInternational.

Market trends and

growthopportunities

Event space is growing in many major

cities, with new large-scale venues

opening and existing venues expanding

their capacity. This gives us scope to

increase exhibitor numbers, provide

more floor space to current customers,

bring in new customers and create new

zones at our events, all of which can

make the experience more valuable

and productive for attendees too.

In2026, for example, WHX Dubai will

benefit from the opening of Dubai’s

major new venue, the Dubai Exhibition

Centre, which will increase the city’s

overall event space by over 50% when

it is fully onstream.

We are also creating growth by

increasing the value we deliver to

customers; for example, by providing

additional products and developing our

range of amplification services. We are

progressively introducing Lead Insights

across Informa Markets’ portfolio, to

provide exhibitors with real-time

access by which to track and analyse

customer leads and campaign data.

Transaction-led events have historically

been less focused on attendee ticketing

than other types of event. We are now

introducing paid entrance for event

attendees at more Informa Markets

events. This is currently a modest

source of revenue, and although it is

unlikely to apply to all markets, it has

the potential to grow significantly. The

change has been positively received by

exhibitors at brands such as CPHI and

WHX, as a way to increase the relevance

and therefore quality of their audience.

As our markets evolve, new categories

and opportunities to serve our

customers are also emerging. For

example, as a result of the growth of

the space industry, we expanded our

focus and partnerships at the Dubai

Airshow with dedicated programming

and our largest-yet space pavilion.

Business review continued

Strategic Report

Informa Annual Report and Accounts 2025

Informa

Connect

Informa Connect focuses on content-

led B2B events where professionals

come to learn, connect with peers and

develop their business and careers.

Through our brands, professionals

connect in highly-targeted ways and

build relationships that can lead to

long-term partnerships. They also

provide opportunities for customers to

showcase their expertise and relevance

through content and brand promotion,

and stay up to date through learning

andaccreditation.

Informa Connect has major brands in six

end markets. Finance, Foodservice and

Technology are its top three markets by

revenue. In Finance, SuperReturn in

Private Capital is one of Informa’s 10

largest brand franchises, generating over

$70m in revenue. Informa Connect is

also home to FAN EXPO, our Lifestyle

brand franchise, which includes 17

annual events and has total revenues of

over $75m, and the National Restaurant

Association Show in Foodservice.

2025 performance

Informa Connect grew strongly in 2025,

with underlying revenue growth of

6.8%. Reported revenues were lower

because of the divestment of ourstake

in the Curinos business at the end

of2024.

Each of our live event portfolios

performed well. There were particularly

strong performances in Finance, where

our SuperReturn brand franchise

continues to build on its position as

aleading convener for Private

Capitalprofessionals.

New launches contributed to Informa

Connect’s growth too. We successfully

brought our AMWC brand to Dubai to

serve the region’s growing interest in

anti-ageing and aesthetic medicine and

longevity. AMWC’s content programme

isparticularly important to our audience,

and we tailored this to ensure it was

regionally relevant as well as globally

applicable. It performed well, attracting

over 5,000 regional and international

attendees and 200 exhibitors

andsponsors.

We also launched a data centre

energyconference in Texas to serve the

increasing focus on how to power the

world’s growing digital infrastructure.

This will run again in 2026 as an

extension of our Data Center World

brand franchise.

A key reason customers come

toourevents is to network and

buildrelationships that, in some

markets, lead to capital investment.

Wecontinued to provide high-quality

and impactful meeting opportunities

atscale in 2025.This included over

90,000 meetings across our Biotech

events, which we facilitate using the

proprietary platform, PartneringOne.

Focus for 2026

Delivering market-leading customer

experience, increasing the value

wedeliver to customers and

capitalising on space and venue

growth are all focuses for Informa

Markets in 2026.

We are also targeting growth by

continuing to use our international

reach and the strength of our

franchises to launch brands in new

geographies. Planned launches for

2026 include Bio Middle East in

Saudi Arabia and LEAP East in

HongKong.

Through this, we aim to deliver

strong mid to high single-digit

underlying revenue growth in 2026.

Our IMEA portfolio will become part

of the combined inD business from

early 2026. This will create new

opportunities for brands within the

enlarged portfolio to expand across

the region and reach new customers.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Market trends and

growthopportunities

Experience is increasingly important

forInforma Connect’s customers. These

are often senior professionals who look

for premium experiences that deliver

astrong return for the time they

haveinvested.

We continuously invest in making

everything from the booking process to

our digital apps and the range of what

customers can do onsite smooth and

impactful. We closely monitor data and

feedback, including net promoter scores,

to track customer satisfaction.

Bringing our digital and data services to

more customers is an important growth

opportunity. Lead Insights is a key

example: first created in Informa

Connect and now expanding across our

B2B events businesses. In 2026, we are

launching a tailored version of Lead

Insights, called Investor Insights, for

customers of our SuperReturn events.

Investor Insights combines our first-

party data with firmographic, interest

and market data from the specialist

provider Preqin to help our customers

identify and connect more efficiently

with the investors they are targeting.

We are also enhancing our structured

meeting initiatives, such as hosted buyer

programmes, and bringing them to more

of our brands, sharing the expertise and

experience we have built up across

ourbusiness. These can increase the

opportunities our customers generate

by attracting more buyers to attend

andhelping them spend time with the

right partners.

Generative AI is making our processes

and products more effective, and we are

implementing AI in a systematic way.

Forexample, AI is being used to create

and hone our content agendas so they

are astimely and distinctive as possible.

AI isalso helping our teams analyse new

business opportunities more quickly

andtarget customers in more

personalised ways.

Focus for 2026

We will continue to focus on the

opportunities to grow our major

brands further. That includes

expanding our Private Capital

franchise. With SuperReturn, we

seeopportunities to broaden our

customer base and launch new

events in locations including North

America, where we are relatively

underweight compared with the

sizeof the market and scale of

ourfranchise.

Several of the end markets Informa

Connect serves are particularly

dynamic, such as data centres,

anti-ageing and longevity, and

healthcare technology. In these

markets, we are focused on

developing what our brands offer

and capitalising on new ways to

provide timely, high-quality content

and connections to customers.

Through this, our ambition is to

deliver mid single-digit underlying

revenue growth in 2026.

Informa Connect’s Middle East-

focused events and training

business will become part of inD

during 2026. Here, our teams will

beable to draw on an even broader

range of relationships with regional

companies and governments,

whichform a large part of our

customer base.

Informa

Festivals

Informa Festivals focuses on

experience-led events that inspire

businesses, professionals and

communities to meet, discover,

playand grow.

Our brands have a strong emphasis

ondelivering distinctive experiences

and high-impact content, recognising

and celebrating their industry and

community, and supporting personal

as well as professional development

and enrichment.

Informa Festivals is home to a

concentrated portfolio of major brands

serving the Marketing, Fintech, Cyber

Security, Gaming and broader Tech

communities. Three of its brands are

among our 10 largest franchises and

each generates over $100m in revenues:

LIONS in Marketing, Money20/20 in

Fintech and Black Hat in Cyber Security.

Business review continued

Strategic Report

Informa Annual Report and Accounts 2025

2025 performance

2025 was Informa Festivals’ first year

as a standalone business, after we

added the LIONS and Money20/20

brands to Informa in late 2024.

We focused on operating effectively as

a combined business and identifying

early opportunities for new growth.

The division performed well overall,

with revenues growing 7.7% on an

underlying basis.

Our Fintech portfolio saw particularly

strong growth, supported by the

successful launch of Money20/20 in

Riyadh. This expansion of the franchise,

using our existing presence and

relationships in the Kingdom of Saudi

Arabia, was positively received by

customers and drew a large audience of

local, regional and international start-ups,

investors, banks and fintech companies.

Money20/20 USA also ran its first awards

programme in 2025, drawing on our

expertise in running rigorous awards

programmes at scale for other brands

and launched an enhanced meetings

product, SmartMeet, to help customers

make higher-value connections onsite

and maximise the return on their time.

Our Marketing portfolio delivered good

growth too. This is home to Cannes

Lions, which performed well in 2025,

and the broader LIONS brand, which

includes specialist intelligence,

advisory and learning products.

Here, we launched several new

AI-driven products and tools around

our subscription businesses during

theyear and enhanced our existing

in-platform AI assistants. These unlock

new value from the depth of content,

data and intelligence we hold, and

provide customers with smarter ways

to discover insights they can apply

directly to their business and workflows.

Market trends and

growthopportunities

There are opportunities for each of our

brands to expand geographically into new

locations and reach new segments of

their markets, growing their customers

and audiences.

Cannes Lions, for example, launched

itsfirst dedicated B2B Summit in

2025,building on steadily growing

participation from B2B-focused

companies. Its programme will

furtherexpand in 2026 with the

launchof a two-day forum dedicated

toprofessionals working in Sports

marketing and creativity. In Fintech,

Money20/20 is focused on developing

its partnerships and expanding

participation from US banks, as well

asbringing the brand to more regions

so we can serve what is a highly

international market.

As experience becomes ever more

important, we are focused on product

innovation by introducing a greater

range of distinctive, premium features

to all our brands, deepening the

connection customers have with us

and creating new ways to engage at

ourevents. This will include brands

such as our leading Black Hat franchise

and Tech festivals in London, Singapore

and Cape Town.

We also have the potential to unlock

more space outside of our core event

venues: something that is distinctive

tofestivals as a product. This will

expand what we offer and give

morecustomers more opportunities

toshowcase their brands. This is

particularly the case with events that

take over multiple city spaces, such as

GDC in San Francisco, our city-based

Tech Festivals and Cannes Lions,

wherewe already offer customers

multiple beachfront, hotel and other

city locations.

Focus for 2026

Informa Festivals is focused on

accelerating the growth of all its

portfolios by making the most of the

strength of our brands, more fully

serving the international nature of

ourmarkets and customers, and

deploying our expertise in product

development and Informa’s wider

platform and partnerships.

2026 will see the relaunch of GDC as

areimagined Festival of Gaming, to

deliver more value to this large and

changing market. We are bringing new

experiential features to the event,

along with a greater focus on enabling

businesses and investors to meet and

partner in dedicated networking

spaces, alongside an expanded

contentprogramme.

We will also be introducing amplification

services, including Lead Insights, to

more Informa Festivals brands, and

focusing on opportunities to make the

most of LIONS’ suite of year-round

products and services.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Business review continued

B2B

Digital Services

Connecting

technology buyers

and sellers digitally

Informa

TechTarget

Revenue

£368m

2024: £217m

Revenue growth

underlying | reported

(1.7)% | 69.3%

Revenue by type

75%

Lead generation

and marketing

services

16%

Subscriptions

Transactional

sales

70+

customers spending

over $1m

c58m

permissioned

audience

1,850+

market experts

800+

customers spending

over$100,000

220+

tech-focused

digital properties

industry awards

forjournalism

Revenue by region

73%

North

America

15%

Europe

10%

Asia

Operating profit

adjusted | statutory

£37m | £(563)m

2024: £21m | £(40)m

Strategic Report

Informa Annual Report and Accounts 2025

$6tn

worldwide spending on information

technology in 2026

c80%

technology buyers spend around 80%

of their time on online research

1. Large and increasing

investment in technology

Technology is present in all aspects

ofdaily life, work and business. Our

analysts at Omdia expect worldwide

spending on information technology

toreach $6tn in 2026 and grow at a

compound annual rate of over 8%

through to 2030.

Within the broader technology market,

enterprise technology – incorporating

software and hardware systems used

by organisations for activities ranging

from customer relationship

management, networking, data

centres, storage solutions, artificial

intelligence and cybersecurity –

iscentral to operatingeffectively

andefficiently.

The pace of innovation and change in

this market is rapid, creating a constant

cycle of investment in enhancing,

upgrading and replacing technology.

2. Buying decisions are

getting more complex

Over time, the scale of technology

purchasing decisions is growing, resulting

in B2B buying behaviour becoming more

involved and more complex.

Typically, large-scale technology

purchasing decisions will include

several people across an organisation:

not just technology professionals

andchief information officers but

alsochieffinancial officers and,

often,chief executive officers.

This is leading to longer and more

considered sales cycles. Third-party

research and specialist content and

analysis that assess the market

andcompare different solutions

areplaying a larger part in helping

customers hone their product shortlists

and make purchasing decisions.

3. Buyers are conducting

deeperresearch

Technology buyers are undertaking

significant online research before

making purchasing decisions. This

includes reading specialist digital

content, reviews, information, product

profiles and other bespoke research,

alongside taking part in webinars,

events and online discussion forums.

Research suggests B2B buyers spend

just 17% of their total buying time in

direct contact with potential sellers

– and this time is distributed among

allpotential suppliers.

Most of the buying journey – approaching

80% – takes place without direct

involvement from salespeople, much of

itbeing technology buyers researching

product information on their own before

speaking to sales representatives. With

the use of large language models for

research, this is only increasing.

4. Increasing emphasis on

privacy and first-party data

Privacy regulations, such as GDPR

andCCPA, are becoming stricter,

andthird-party cookies, which have

historically been the primary way to

track activity online, are being phased

out. As a result, businesses are shifting

their focus to first-party data to

support their marketing activity.

First-party data, collected directly from

permissioned audiences through owned

channels, offers a privacy-compliant way

to understand online activity and buyer

behaviour. This data can also be more

reliable and provide richer insights that

allow for more accurate and personalised

targeting of technology buyers.

5. AI is changing the

landscape

The prevalence of AI is changing the

landscape for technology companies.

At present, a significant amount of

investment is going into AI-related

infrastructure and research and

development, with comparatively less

going towards significant product

launches and the sales and marketing

activity they entail.

In time, we believe sales and marketing

budgets will recover as technology

companies launch new or enhanced

products and seek a return on their

research and development investment.

AI is also changing how audiences

discover and consume content.

Morepeople are using AI-driven

search, but according to our research,

over four out of five technology buyers

do not fully trust AI content today and,

when making significant technology

purchasing decisions, they seek to

divedeeper into original, authoritative

and trusted sources.

6. Companies are consolidating

their supplier base

The market for B2B Digital Services

isfragmented. There are many small

players that often operate in a niche or

focus on one element of the supply

chain. There are few, if any, B2B digital

services providers that cover the whole

market or have the scale of first-party

data and technology capability to

become the clear reference player.

As in other markets, over time we

expect customers to seek to work

withfewer suppliers that can offer a

broader service without compromising

on quality, as a way of simplifying their

operations and reducing costs. Informa

TechTarget is focused on becoming

oneof these preferred suppliers by

delivering comprehensive end-to-end

solutions across the product lifecycle,

removing the need for customers

torely on multiple, fragmented

transactional service providers.

B2B market trends

Informa Annual Report and Accounts 2025

Strategic Report G F A

Informa

TechTarget

Informa TechTarget connects

buyersand sellers digitally, through

first-party data and intelligence.

Itwas established by combining

Informa Tech’s digital businesses

with TechTarget at the end of 2024.

We do this through our analyst and

editorial capabilities. These include

over 1,850 subject matter experts who

create specialist content for more than

220 specialist B2B brands, including

Industry Dive, Information Week, AI

Business and our leading technology

research business, Omdia.

Through that activity, we build

audiences and generate significant

first-party data, from which we deliver

a range of products to technology

vendors in areas such as audience

development, lead and demand

generation, buyer intent, content

marketing and specialist technology

research. These services help them

identify and engage with potential

customers and ultimately grow

theirbusinesses.

Our products and services are delivered

through a number of platforms, including

the Informa TechTarget Portal, NetLine

and BrightTALK.

2025 performance

2025 was Informa TechTarget’s

foundation year, as we focused on

bringing together the complementary

strengths of Informa Tech and

TechTarget across brands, product,

go-to-market and talent, positioning

the business for long-term growth.

Despite the market remaining

subdued, and a number of technical

accounting complexities delaying

integration, Informa TechTarget’s

performance stabilised and improved

during the year, setting the business

upwell for 2026.

Informa TechTarget’s revenues were

£368m. Following a 4.3% decline in

underlying revenues in the first half of

the year, there was modest growth in

the second half. While full-year revenue

was slightly lower year-on-year, cost

synergies exceeded our initial targets

and contributed to an expanding

operating margin.

Performance varied by business. Our

Industry Dive and NetLine businesses

delivered good growth while our

intelligence business, Omdia, delivered

robust results during 2025. Performance

was more challenging in our brand and

intent businesses, as enterprise

technology companies continued to

focus on investing in AI more than in

marketing and sales support.

As part of our combination

programme, we prioritised

rationalising our products, simplifying

our offer and focusing the portfolio on

growth opportunities. The launch of

the Informa TechTarget Portal in

September marked a significant

milestone, providing customers with

unified access to our comprehensive

suite of intent data, audience insights

and marketing tools in a single,

streamlined interface.

We made changes to our brands,

including consolidating our specialist

intelligence and advisory activity under

the Omdia brand, and repositioning

NetLine to serve the volume-end of

thedemand generation market.

We have also significantly shifted our

emphasis to better targeting major

customer accounts, establishing

dedicated sales and service teams

toserve an initial set of priority

accounts and strengthen our

customerrelationships.

Alongside these changes in structure

and focus, we continued to invest

inthe quality of our editorial and

research brands. This was reflected

innearly 50 awards for the quality of

our specialist media and journalism

during the year, and Omdia being

named Analyst Firm of the Year

bytheInstitute of Influencer and

AnalystRelations.

We remained flexible in adapting to the

changes brought about by the increased

use of AI for finding information. While

more traffic is flowing through AI-driven

rather than traditional search engines, we

continued to increase our permissioned

audience through maintaining a flexible

approach to reaching audiences. This

includes outbound email and newsletters

as well as traditional search, and

deploying AI overviews.

Business review continued

Strategic Report

Informa Annual Report and Accounts 2025

Market trends and

growthopportunities

Informa TechTarget operates at the

intersection of technology and B2B

marketing, which are both large

andgrowing markets. We are well

positioned to capitalise on the growth

trends in these markets through the

scale, breadth and diversity of

oursolutions.

We see opportunities to increase our

position in the enterprise IT market

byaddressing more of our customers’

needs across the product lifecycle.

Wealso see scope for international

expansion in areas including the

MiddleEast and Asia, and for growth

inother B2B industries, most notably

in adjacent tech-driven markets such

as AutoTech, HealthTech, Fintech

andothers.

The rise of AI is also creating new

opportunities. AI is both a new

technology product market and a

toolwe increasingly use to enhance

ourproducts, including in buyer

engagement and intent analysis,

content personalisation and

campaignoptimisation.

Focus for 2026

With Informa TechTarget’s combination

programme largely complete, the

priority for 2026 is to return to growth,

building on the foundations laid

in2025.

The business has scale and breadth

inthe market and this gives us a real

opportunity to establish ourselves

asan indispensable partner to the

technology industry, which should

enable us to capture an increasing

share of spend from customers.

We will continue to invest in our specialist

brands to ensure they remain central to

technology purchasing decisions. This

includes further enhancing the Informa

TechTarget Portal to expand our audience

reach and further enrich the intent data

we provide.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Research

publishing

Business review continued

Academic

Markets

Revenue

£671m

2024: £698m

Revenue growth

underlying | reported

(2.1)% | (3.9)%

Revenue by type

57%

Subscriptions

43%

Transactional

sales

Revenue by region

48%

North

America

22%

Europe

18%

Asia

Operating profit

adjusted | statutory

£246m | £208m

2024: £256m | £203m

5.1m

articles on

T&F Online

476m

articles downloaded

in2025

206,000

book titles

2,500

journals published

c145,000

new articles published

in2025

8,600

books published

in 2025

Informa Annual Report and Accounts 2025

Strategic Report

300%

global growth in article numbers

between 2005 and 2025

$2.75tn+

global investment in research

anddevelopment

1. Research is on the rise

The world is creating more research.

This is partly driven by global growth in

education: more students are entering

higher education and studying at

moreadvanced levels, and, in turn,

becoming researchers.

A range of governments believe research

is a way to support innovation and growth

in their countries, and so are funding the

production of research more consistently.

Both of these trends are particularly true

in less mature economies.

Everywhere in the world, generative AI is

making it easier to research topics and

create new content too, which further

increases the supply of research.

2. Expert knowledge

isindemand

There is a consistent growth in demand

for specialist knowledge that has been

created by experts and undergone a

level of verification and, as such, can

betrusted and relied upon.

This comes in part from the global

increase in spending on research and

development. Companies, institutions

and universities want to stay competitive

and make breakthroughs, and look for

original, expert research that they can

build on and apply to help them do so.

The growth of large language models is

also a factor. AI providers want their

models to provide accurate outputs, and

seek – and often prefer – verified content

sources as a way of achieving that.

3. Verification is harder

thanever

Generative AI has made producing

content easier than ever. This has

increased the volume of every type

ofcontent, including low as well as

high-quality output.

Verifying content has become harder

because of this increase in scale and

because technology has made it easier to

create false or unsubstantiated research.

Research publishers need to undertake a

wide range of detailed checks to ensure

submissions are original, accurate and

not misrepresented.

This places more demands on every

step of the publishing process, from

initial automated screening through

toethics and conflicts checks, and

peerreview. It also makes verification

an even more valuable part of

thepublishing ecosystem.

Academic market trends

4. AI is changing how

welearn

Large language models have rapidly

become one of the main ways we all

find information, and that includes

students and researchers.

AI agents have become one of the most

widely used entry points to advanced

learning and expert content.

For those working in education, it has

fast become a priority to help students

use AI models well and appropriately.

For research publishers that are focused

on maximising the impact their content

makes, it is vital to make that content

easy for these models to consume and

accurately deliver to their users, along

with the right sourcing and attribution.

5. Research content is funded

in manyways

It continues to be the case that

academic and expert research content

is funded in a variety of ways.

Broadly, funders – universities,

corporates and institutions, or

governments – either pay to make their

research widely available to read

through open access agreements or

accessible through subscriptions to

journal content.

Open access or pay to publish remains

a smaller part of the market but is

seeing the highest growth. Preferred

publishing models can vary by subject

matter, country and funder.

6. A technology-driven

market

Research isn’t just text on a page. It

comesin an increasing range of formats,

including code and video. And in a world

where information is largely consumed

digitally, including through AI agents,

alltypes of research must be tagged,

indexed and converted into structured,

enriched data if they are to be discovered

and used by both humans and machines.

For publishers that want to maximise the

reach and application of their research,

this means investing in technology on a

continuous basis, andacting fast to make

the most of theopportunities that new

technology and tools can offer.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Business review continued

Taylor & Francis is a market-leading

publisher of specialist research and

knowledge, across a range of formats,

subject categories and topics.

We publish journals in over 200

subjects. In 2025, 26% of the articles

we published were in Medicine and

Health, 24% in Social Science and

20%in Physical Science. In long-form

content, such as books, we have a

leading position in Humanities and

Social Sciences knowledge, including

throughthe Routledge brand.

There are many types of customers

inAcademic Markets and we focus

onproviding value to all those we

workwith: authors, researchers and

funders whose knowledge we publish,

universities and corporates we provide

research to, societies we publish for,

and the editors and reviewers

involvedthroughout.

2025 performance

In Taylor & Francis, recurring revenues

grew solidly in 2025 and at 3.6% on an

underlying basis.

Our overall performance in 2024 was

significantly boosted by non-recurring

revenues from data access agreements

with several AI companies. Data access

agreements continued to contribute

toour performance in 2025, but at a

lower level, which is reflected in an

overall underlying revenue decline

of2.1% year-on-year.

We saw further strong growth in our

open access pay-to-publish revenues,

and strong growth in the smaller and

more nascent area of open access

books. Open access articles were

over20% of the total articles we

published in 2025.

Revenues from pay-to-read

subscriptions remained solid. Here, our

performance was supported by Taylor

& Francis participating in India’s One

Nation, One Subscription initiative:

anew nationwide agreement that

provides all higher-level educational

institutions with access to expert

research content.

Ebooks as a proportion of book sales

continues to grow and reached 46% in

2025 (2024: 45%). Print sales continue

to steadily decline as demand gradually

shifts towards digital content.

Market trends and

growthopportunities

We have consistently focused on

growing the content we publish, and

this continues to be a priority and

opportunity for Taylor & Francis.

To achieve this, we are investing in

higher-growth areas, including open

access, and increasing our work with

researchers and institutions in global

growth markets. In 2025, for example,

we signed our first open access

agreement in Mexico – the leading

publisher of open access research in

the world – with what is Latin America’s

largest university.

We are also investing to increase our

capacity, so we can accept, process and

publish more of the growing volumes

of research being produced globally

and at a quicker pace. This includes

developing new tools that screen

research submissions for integrity

atscale and in an automated way,

sowe maintain quality as we grow.

Researchers care about time-to-

publish rates and this will also bring

benefits by helping them share their

work as quickly as possible.

We have already seen good results

from our AI-driven journal suggester

tool too, which routes and transfers

research articles to appropriate

journals and helps us publish more

ofthe researchsubmitted to us.

Strategic Report

Informa Annual Report and Accounts 2025

There is also scope for us to grow

byproviding more of our content to

current customers and reaching new

customers. Here, we benefit from

ourlong-standing flexibility in how

wework with customers, and the size

and breadth of our content portfolio.

We are increasingly offering bundles of

pay-to-read and pay-to-publish content

to research institutions. During 2025, we

also trialled offering blended packages

of articles, journals and long-form

research content to customers that were

tailored to their needs and budgets, with

encouraging early results.

More new research is interdisciplinary in

nature: for example, drawing on bodies

of medical, technology and engineering

knowledge. We are well positioned to

meet the growing demand for access to

research across formats and disciplines.

This will continue our shift from being a

format-based publisher to a broader

global knowledge platform.

As a technology-driven market, we are

continuously enhancing our content

platforms and working on our meta

data so that customers can more easily

find all of the research relevant to them

– delivering greater value – and using

AIto develop these products and

platforms as efficiently as possible.

Focus for 2026

Taylor & Francis is focused on serving

existing customers in new and deeper

ways, as well as attracting new segments

of customers. In doing so, we expect to

deliver higher levels of growth over time,

and the ambition is for Taylor & Francis to

deliver 5% underlying revenue growth by

the end of the One Informa programme.

We are working at pace to make the most

of growth trends in our market – including

the increased supply of and demand for

expert research and knowledge.

To better address newer customer

segments, we restructured our teams

around end customers in late 2025

tobring more focus to markets where

we have particular room to expand,

including the corporate market.

We will continue to focus on the role AI

plays in how content is discovered and

consumed, and in how research integrity

can be maintained, maximising the

opportunities it offers our customers

and business. Technology will also

continue to play a significant role in

making our processes more efficient

and scalable, and our products and

platforms more powerful and valuable.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Group Finance Director’s review

Growth

Delivery

2025 was another year

ofsignificant strength

andprogress for Informa.

Ourfinancial performance

reflected the quality of our

businesses and brands,

thedisciplined execution

ofourgrowth strategy,

andourcommitment to

creating long-term value

forallstakeholders.

Strong and resilient growth

Informa once more delivered an

excellent financial performance, with

strong growth in revenues, adjusted

operating profit and adjusted earnings

per share.

This was all the more encouraging

given the macro-economic and

geopolitical backdrop was uncertain,

with ongoing conflict in different parts

of the world, changing dynamics

around international trade and tariffs,

and very mixed economic growth

across different geographies.

Our performance is a real testament

tothe platform we have built, which is

underpinned by the structural strength

of our core markets, the power of our

specialist brands, and the depth of

ourinternational reach.

Our performance allowed us to continue

to grow our ordinary dividend by 10%, as

well as return a further £350m of capital

to shareholders through share buybacks.

At the same time, the strength of free

cash flow generation allowed us to

reduce leverage.

Record financial results

Our businesses delivered record

revenues, adjusted operating profit

and adjusted diluted EPS.

Group revenues of £4,041m

represented reported growth of 13.7%.

This was supported by the full year

benefit of prior year additions and the

benefit of biennial events, partially

offset by FX headwinds and the step

down in non-recurring data licensing

revenues in Academic Markets.

Underlying revenue growth was 6.3%.

B2B Live Events delivered another year

of strong growth, with underlying

revenues increasing 9.5%, reflecting

the strength and quality of our

portfolio of brands, the diversity of

growth categories we have built our

business around and the depth of our

international reach.

Following the addition of the Ascential

portfolio, in 2025, we updated the

structure of our B2B Live Events

business, creating a new division,

Informa Festivals, alongside Informa

Markets and Informa Connect, putting

greater focus onto events where

experience is at the core of their value.

Geographically, our IMEA business

delivered the strongest growth in 2026,

at over 30%. In Europe, where we

operate some of our largest brands

such as Cannes Lions and CPHI, we also

delivered strong, double-digit growth.

In our largest geographic market, the

Americas, our performance remained

solid, with strong performances in

many categories somewhat balanced

by more moderate performance in

others. The same was true in Asia,

withdouble-digit growth across

ASEANbalanced by a more subdued

performance in China.

Such is the breadth and reach of our

portfolio now, that we are able to

manage individual category/country

softness and still deliver strong

growthoverall.

It was the foundation year for

InformaTechTarget, following the

combination of our digital businesses

within Informa Tech with Nasdaq-

listed TechTarget. Whilst the technical

completion of the combination

process took longer than expected

and led to some short-term disruption

and reporting delays, by year end, we

had made substantial progress in

combining our businesses and going

to market with an expanded portfolio.

This was reflected in an improving

growth trend across the year, with the

H1 revenue decline of 4.3% narrowing

to 1.7% across the full year following

growth of 0.7% in H2.

Strategic Report

Informa Annual Report and Accounts 2025

The market backdrop did not provide

much support, with investment in

marketing and sales support remaining

subdued throughout, as customers

continued to prioritise AI projects

ahead of sales and marketing.

We are not assuming any change in the

market in 2026, but with the business

now on the front foot with a revitalised

go-to-market proposition, we are

confident of a return to full-year growth.

Taylor & Francis delivered another

reliable and robust underlying

performance. Excluding non-recurring

data licensing contracts, underlying

revenue growth was 3.6%, with strong

subscription renewals supported by

further strong volume growth in Open

Research and a robust performance

inAdvanced Learning.

We also successfully secured a further

data access contract, licensing our

archive reference data to another AI

technology provider. Overall revenues

from non-recurring data contracts

were still lower year-on-year, which is

why overall underlying revenues were

down 2.1%.

Adjusted group operating profit grew

by 14.6% to £1,140m, with the adjusted

operating margin expanding by 90

basis points to 28.2% from the 27.3%

pro forma level in 2024.

The strong cash flow characteristics

ofour businesses were again evident

with an operating cash flow conversion

of 106% and free cash flow growing to

a record £885m.

Shareholder returns

anddeleveraging

The strength of our cash flows

continues to provide flexibility for

reinvestment and capital returns.

We maintained a disciplined approach

to capital allocation with £107m of

capital expenditure invested in the

business and a 10% increase in

ordinary dividends to 22p per share.

In addition, we returned £350m of

capital through share buybacks, taking

total buybacks to over £1.8bn since

westarted the programme in 2022.

In 2026, we have committed to a

minimum share buyback programme

of £250m, with scope to increase this

through the year.

We also reduced our leverage from

2.6times at the end of 2024 to 2.4

times at the end of 2025 – back within

our target range of 1.5 to 2.5 times.

Compounding future growth

We look forward to the future with

confidence and optimism.

Our 2025-2028 One Informa

programme (see more details on

page22), which is focused on making

the most of the platform that we

havebuilt, targets compound group

underlying revenue growth of 5%+,

including 6%+ for B2B Live Events,

faster adjusted operating profit

growth, including operating margin

expansion to 30% by the end of the

plan, and underlying earnings growth

of 8%+ over the period.

For 2026 specifically, following the

launch of our partnership with DWTC,

inD, we are targeting underlying

revenue growth of around 6%,

including 7%+ for B2B Live Events and

asixth consecutive year of double-digit

underlying adjusted earnings per share

growth excluding FX movements,

biennial phasing and non-recurring

LLM contracts.

The achievements of 2025 would

nothave been possible without the

expertise and dedication of our

talented colleagues across the globe,

and I look forward to working closely

with them to successfully execute our

strategy and continue to deliver strong

financial performance and shareholder

value in the years to come.

Gareth Wright

Group Finance Director

12.8%

underlying revenue growth

of marquee brands

106%

operating cash conversion

£885m

free cash flow

Informa Annual Report and Accounts 2025

Strategic Report G F A

Financial Review

Income Statement

Informa delivered a strong set of results for the year ended 31 December 2025, including 6.3% underlying revenue growth

and 8.7% underlying adjusted operating profit growth, which resulted in a new record high level of revenue and adjusted

operating profit for the Group. This reflected strong trading performances across B2B Live Events divisions, as well as good

performance in the core activities excluding non-recurring licensing contracts in our Academic Markets business.

Adjusted results

2025

£m

Adjusting items

2025

£m

Statutory results

2025

£m

Adjusted results

2024

£m

Adjusting items

2024

£m

Statutory results

2024

£m

Revenue 4,041.4 – 4,041.4 3,553.1 – 3,553.1

Operating profit/(loss) 1,139.8 (998.1) 141.7 995.0 (452.2) 542.8

Fair value loss on investments – (57.6) (57.6) – (9.2) (9.2)

Loss on disposal of subsidiaries

and operations – (2.1) (2.1) – (24.1) (24.1)

Net finance costs (143.7) (2.6) (146.3) (79.6) (22.6) (102.2)

Profit/(loss) before tax 996.1 (1,060.4) (64.3) 915.4 (508.1) 407.3

Tax (charge)/credit (204.2) 123.1 (81.1) (178.2) 137.3 (40.9)

Profit/(loss) for the year 791.9 (937.3) (145.4) 737.2 (370.8) 366.4

Adjusted operating margin 28.2% 28.0%

Adjusted diluted and statutory

diluted EPS 55.6p 0.8p 50.1p 22.2p

Financial Results

The Group’s performance includes a 13.7% increase in reported revenue to £4,041.4m, including good growth in each of

Informa’s three B2B Live Events divisions – Informa Markets, Informa Connect and Informa Festivals. The Group reported

astatutory operating profit of £141.7m in 2025, compared with a statutory operating profit of £542.8m for the year ended

31 December 2024. The decrease from 2024 was primarily as a result of the non-cash impairment charge of £484.2m in

relation to Informa TechTarget taken at June 2025. Adjusted operating profit was £1,139.8m, growing 14.6% year-on-year.

Statutory net finance costs increased by £44.1m to £146.3m, with adjusted net finance costs increasing by £64.1m to

£143.7m. This was due to the issuance of €1.75bn and €700m Euro Medium Term Notes in October 2024 and June 2025,

respectively, to fund acquisitions in 2024 and to refinance an existing EMTN that matured in October 2025.

The combination of all these factors led to a statutory loss before tax of £64.3m in 2025, compared with a statutory profit

before tax of £407.3m in 2024. The statutory tax charge on this loss was £81.1m in 2025 compared to a tax charge of £40.9m

in the prior year.

This profit outcome translated into a statutory diluted earnings per share of 0.8p compared to 22.2p for the prior year,

driven by a £44.1m increase in statutory net finance costs and a £401.1m decrease in statutory operating profit. Adjusted

diluted EPS grew to 55.6p from 50.1p in the prior year, an increase of 11.0%.

Strategic Report

Informa Annual Report and Accounts 2025

Measurement and Adjustments

In addition to statutory results, adjusted results are prepared for the Income Statement. These include adjusted operating

profit, adjusted diluted earnings per share and other underlying measures. A full definition of these metrics can be found in

the Glossary of terms on page 220. The divisional table on page 52 provides a reconciliation between statutory operating

profit and adjusted operating profit by division.

Revenue and adjusted operating profit growth on an underlying basis are reconciled to reported growth in the table below:

Underlying growth

Phasing and

other items

Acquisitions and

disposals Currency change Reported growth

2025     

Revenue 6.3% 1.3% 8.0% (1.9)% 13.7%

Adjusted operating profit 8.7% 2.4% 4.3% (0.8)% 14.6%

2024     

Revenue 11.6% (3.4)% 7.0% (3.8)% 11.4%

Adjusted operating profit 22.9% (7.7)% 6.5% (5.2)% 16.5%

Adjusting Items

The items below have been excluded from adjusted results. The total adjusting items included in the operating profit in the

year were £998.1m (2024: £452.2m). The increase in adjusting items is primarily due to the non-cash impairment charge in

relation to Informa TechTarget.

2025

£m

2024

£m

Intangible asset amortisation

342.5 309.6

Impairment – goodwill 484.2 –

Impairment – acquisition-related and other intangible assets 32.0 28.5

Impairment – investment in joint ventures 13.1 –

Impairment – right-of-use assets 5.3 5.0

Acquisition costs 10.1 66.0

Integration costs 84.4 42.2

Restructuring and reorganisation costs 21.2 14.1

Foreign exchange gain (3.1) –

Fair value gain on contingent consideration (1.4) (29.5)

Fair value loss on contingent consideration 9.8 16.3

Adjusting items in operating profit 998.1 452.2

Fair value loss on investments 57.6 9.2

Loss on disposal of subsidiaries and operations 2.1 24.1

Finance costs 2.6 22.6

Adjusting items in profit before tax 1,060.4 508.1

Tax related to adjusting items (123.1) (137.3)

Adjusting items in profit for the year 937.3 370.8

1 Excludes non-acquired intangible product development and software amortisation of £37.6m (2024: £46.1m)

Intangible amortisation of £342.5m (2024: £309.6m) relates to the historical additions of book lists and journal titles,

acquired databases, customer and attendee relationships, brands related to exhibitions, events and conferences and

product development. As it relates to acquisitions, it is not treated as an ordinary cost. By contrast, intangible asset

amortisation arising from software assets and non-acquired product development, is treated as an ordinary cost in the

calculation of operating profit, so is not treated as an adjusting item.

Impairment of goodwill of £484.2m reflects a non-cash impairment charge in relation to Informa TechTarget. Integration

costs of £84.4m principally relate to the integration of TechTarget and Ascential.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Financial Review continued

Divisional Performance

The table below shows the results and adjusting items by Division, highlighting strong growth driven by the B2B Live

Eventsbusiness.

B2B Live Events

£m

Taylor & Francis

£m

Informa Tech

Target

£m

Informa Group

£m

Revenue 3,002.6 670.8 368.0 4,041.4

Underlying revenue growth 9.5% (2.1)% (1.7)% 6.3%

Statutory operating profit/(loss) 496.3 207.9 (562.5) 141.7

Add back:

Intangible asset amortisation

264.0 20.5 58.0 342.5

Impairment – goodwill – – 484.2 484.2

Impairment – acquisition-related and other intangible assets 24.1 7.9 – 32.0

Impairment – investment in joint ventures 13.1 – – 13.1

Impairment – right-of-use assets 1.4 0.1 3.8 5.3

Acquisition costs 7.1 0.2 2.8 10.1

Integration costs 30.1 0.9 53.4 84.4

Restructuring and reorganisation costs/(credit) 16.0 8.7 (3.5) 21.2

Foreign exchange gain (2.3) (0.5) (0.3) (3.1)

Fair value gain on contingent consideration (1.4) – – (1.4)

Fair value loss on contingent consideration 9.1 – 0.7 9.8

Adjusted operating profit 857.5 245.7 36.6 1,139.8

Underlying adjusted operating profit growth 12.6% (2.7)% 6.5% 8.7%

1 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development

of £37.6m (2024: £46.1m)

Adjusted Net Finance Costs

Adjusted net finance costs, which consist of interest costs on our corporate bond borrowings and loans, partially offset

byinterest income on bank deposits, increased by £64.1m to £143.7m. This reflects higher interest charges driven by the

€1.75bn Euro Medium Term Note issued in October 2024 being incurred for the full period, as well as the refinancing of the

€700m Euro Medium Term Note repaid in October 2025 with a new €700m issuance in June 2025 at a higher interest rate.

The reconciliation of adjusted net finance costs to the statutory finance costs and finance income is as follows:

2025

£m

2024

£m

Finance income (15.1) (12.9)

Finance costs 161.4 115.1

Statutory net finance costs 146.3 102.2

Add back: adjusting items relating to finance costs (2.6) (22.6)

Adjusted net finance costs 143.7 79.6

Taxation

Approach to tax

The Group continues to recognise that taxes paid are part of the economic benefit created for the societies in which we

operate, and that a fair and effective tax system is in the interests of taxpayers and society at large. We aim to comply with

tax laws and regulations everywhere the Group does business and Informa has open and constructive working relationships

with tax authorities worldwide. Our approach balances the interests of stakeholders including shareholders, governments,

colleagues and the communities in which we operate.

The Group’s adjusted effective tax rate (as defined in the Glossary of terms) reflects the blend of tax rates and profits in the

jurisdictions in which we operate. In 2025, the adjusted effective tax rate was 20.5% (2024: 19.5%).

Strategic Report

Informa Annual Report and Accounts 2025

The calculation of the adjusted effective tax rate is as follows:

2025

£m

2024

£m

Adjusted tax charge 204.2 178.2

Adjusted profit before tax 996.1 915.4

Adjusted effective tax rate 20.5% 19.5%

Tax payments

During 2025, the Group paid £156.5m (2024: £122.3m) of corporation tax and similar taxes.

A breakdown of the main geographies in which the Group paid tax is as follows:

2025

£m

2024

£m

UK 32.3 15.8

Continental Europe 39.2 26.2

US 18.2 24.2

China 38.0 33.8

Rest of world 28.8 22.3

Total 156.5 122.3

The reconciliation of the adjusted tax charge to cash taxes paid is as follows:

2025

£m

2024

£m

Adjusted tax charge 204.2 178.2

Movement in deferred tax including tax losses (26.5) 19.6

Net current tax (credit)/charge in respect of adjusting items (53.7) 24.9

Movement in provisions for uncertain tax positions (7.7) 2.6

Taxes paid in different year to charged 40.2 (103.0)

Taxes paid per statutory cash flow 156.5 122.3

The recognised deferred tax assets relating to US, UK and Luxembourg tax losses were £13.3m (2024: £22.2m), £30.7m

(2024: £56.1m) and £69.4m (2024: £83.5m) respectively. These are expected to be utilised against future taxable profits.

Goodwill is not amortised as it is subject to impairment reviews, and as a result there is no charge to adjusting items for

goodwill amortisation. However, there can be an allowable tax benefit for certain goodwill amortisation in the US and

elsewhere. Where this benefit arises, it reduces the tax charge on adjusted profits.

The amortisation of intangible assets is considered an adjusting item. The £7.6m (2024: £10.0m) of current tax credits taken

in respect of the amortisation of intangible assets is therefore also treated as an adjusting item and included in the tax

credits in respect of adjusting items.

Tax contribution

The Group’s total tax contribution, which comprises all material taxes paid to, and collected on behalf of, governments

globally was £582.0m in 2025 (2024: £545.8m). The geographic split of taxes paid by our businesses was as follows:

2025 2024

£m

Other

£m

Total

£m

Total

£m

Profit taxes borne 32.3 18.2 106.0 156.5 122.3

Employment taxes borne 43.2 25.6 17.7 86.5 84.7

Other taxes 5.4 1.2 0.3 6.9 6.8

Total 80.9 45.0 124.0 249.9 213.8

In addition to the above, in 2025, we collected taxes on behalf of governments (e.g. employee taxes and sales taxes)

amounting to £332.1m (2024: £332.0m).

Informa Annual Report and Accounts 2025

Strategic Report G F A

Financial Review continued

Earnings Per Share

Adjusted diluted EPS was 11.0% higher at 55.6p (2024: 50.1p), largely reflecting higher adjusted earnings of £728.6m

(2024: £673.3m) together with a 2.5% decrease in the weighted average number of shares following the share buybacks

completed during the year.

An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:

2025

£m

2024

£m

Statutory earnings 11.0 297.7

Add back: Adjusting items in (loss)/profit for the year 937.3 370.8

Adjusted profit for the year 948.3 668.5

Non-controlling interests relating to adjusted profit (219.7) 4.8

Adjusted earnings 728.6 673.3

Weighted average number of shares used in adjusted diluted EPS (m) 1,310.0 1,344.0

Adjusted diluted EPS (p) 55.6p 50.1p

2025

£m

2024

£m

Statutory (loss)/profit for the year (145.4) 366.4

Non-controlling interests 156.4 (68.7)

Statutory earnings 11.0 297.7

Weighted average number of shares used in diluted EPS (m) 1,310.0 1,344.0

Statutory diluted EPS (p) 0.8p 22.2p

Dividends

The Group will look to continue progressively growing dividends to strike a balance between rewarding shareholders and

retaining the financial strength and flexibility to invest in the business and pursue growth opportunities.

An interim dividend of 7.0p per share (2024: 6.4p per share) was paid on 19 September 2025. The total amount paid in 2025

relating to the final dividend for 2024 and interim dividend for 2025 was £268.1m (2024: £248.2m). The Board has

recommended a final dividend of 15.0p per share for 2025 (2024: 13.6p per share). The final dividend is scheduled to be paid

on 10 July 2026 to ordinary shareholders registered at the close of business on 29 May 2026. This will result in total dividends

for the year of 22.0p per share (2024: 20.0p per share). The Dividend Reinvestment Plan (DRIP) will be available for the final

dividend and the last date for receipt of elections for the DRIP will be 19 June 2026.

Dividend cover (see Glossary of terms for definition) was 2.5 times (2024: 2.5 times), being adjusted diluted EPS of 55.6p

(2024: 50.1p) divided by total dividends per share of 22.0p (2024: 20.0p). Our dividend payout ratio was 40% (2024: 40%),

being total dividends per share of 22.0p divided by adjusted diluted EPS of 55.6p.

Currency Movements

One of the Group’s strengths is its international reach and balance, with colleagues and businesses located in most major

economies of the world. This means the Group generates revenues and costs in a mixture of currencies, with particular

exposure to the US dollar, as well as some exposure to the Euro and the Chinese renminbi.

In 2025 approximately 61% (2024: 66%) of Group revenue was received in USD or currencies pegged to USD, with 12%

(2024: 9%) received in Euro and 7% (2024: 8%) in Chinese renminbi.

Similarly, we incurred approximately 53% (2024: 55%) of our costs in USD or currencies pegged to USD, with 7% (2024: 5%) in

Euro and 6% (2024: 7%) in Chinese renminbi.

In 2025, each one cent ($0.01) movement in the USD to GBP exchange rate had a circa £18m (2024: circa £19m) impact on

annual revenue, and a circa £7m (2024: circa £8m) impact on annual adjusted operating profit.

Strategic Report

Informa Annual Report and Accounts 2025

The following exchange rates to GBP were applied during the year:

2025 2024

Closing

rate

Average

rate

Closing

rate

Average

rate

US Dollar 1.34 1.32 1.26 1.28

Chinese Renminbi 9.39 9.46 9.17 9.20

Euro 1.15 1.17 1.21 1.18

Free Cash Flow

Cash generation and cash management remain key priorities for the Group, providing the funds and flexibility for paying

down debt, organic and inorganic investment, and returns to shareholders. Our businesses typically convert adjusted

operating profit into cash at a strong rate, reflecting the relatively low capital intensity of the Group. In 2025, absolute levels

of free cash flow continued to grow year-on-year driven by higher adjusted operating profit and working capital inflows.

The following table reconciles the statutory operating profit to operating cash flow and free cash flow, both of which are

defined in the Glossary.

2025

£m

2024

£m

Statutory operating profit 141.7 542.8

Add back: Adjusting items 998.1 452.2

Adjusted operating profit 1,139.8 995.0

Software and product development amortisation 37.6 46.1

Depreciation of property and equipment 21.2 17.5

Depreciation of right-of-use assets 43.2 27.1

Share-based payments 39.0 22.2

Loss on disposal of other assets – 0.1

Adjusted share of joint venture and associate results (4.5) (2.8)

(Gain)/loss on lease modifications (3.7) 1.3

Net exchange differences – 0.9

Adjusted EBITDA

1,272.6 1,107.4

Capital expenditure paid

(106.9) (100.0)

Working capital movement

47.1 32.9

Pension deficit contributions (6.5) (1.1)

Operating Cash Flow 1,206.3 1,039.2

Restructuring and reorganisation (25.5) (30.6)

Taxation (156.5) (122.3)

Net interest (139.5) (74.2)

Free Cash Flow 884.8 812.1

1 Adjusted EBITDA represents adjusted operating profit before interest, tax, and non-cash items including depreciation and amortisation

2 Capital expenditure paid excludes a one-off inflow from sale of property of £2.9m (2024: £nil)

3 Working capital movement excludes movements on restructuring, reorganisation and acquisition and integration accruals or provisions as the

cash flow relating to these amounts is included in other lines in the free cash flow and reconciliation from free cash flow to net funds flow. The

variance between the working capital in the free cash flow and the Consolidated Cash Flow Statement is driven by the non-cash movement on

these items

Free cash flow was £72.7m higher than 2024 principally due to the £144.8m higher adjusted operating profit and a working

capital inflow of £47.1m in the year (2024: £32.9m inflow), which was partly offset by an increase of £65.3m in net interest

paid, an increase in cash tax of £34.2m, and an increase in capex investment of £6.9m.

Informa Annual Report and Accounts 2025

Strategic Report G F A

The calculation of operating cash flow conversion and free cash flow conversion is as follows:

Operating cash flow

conversion

Free cash flow

conversion

2025

£m

2024

£m

2025

£m

2024

£m

Operating/Free Cash Flow 1,206.3 1,039.2 884.8 812.1

Adjusted operating profit 1,139.8 995.0 1,139.8 995.0

Operating/Free Cash Flow conversion 105.8% 104.4% 77.6% 81.6%

Capital expenditure paid increased to £106.9m (2024: £100.0m) reflecting our continuing investments in technology, real

estate and other capital expenditure. This investment was equivalent to 2.6% of 2025 revenue (2024: 2.8%).

Net cash interest payments of £139.5m were £65.3m higher than the prior year, largely driven by interest payments relating

to the three EMTNs that were issued in October 2024 for €1.75bn.

The following table reconciles net cash inflow from operating activities, as shown in the Consolidated Cash Flow statement,

to Free Cash Flow:

2025

£m

2024

£m

Net cash inflow from operating activities per statutory cash flow 876.3 801.6

Interest received 15.2 13.3

Purchase of property and equipment

(30.3) (30.6)

Purchase of intangible software assets (61.5) (51.2)

Product development cost additions (15.1) (18.2)

Pension receipt from escrow (13.1) –

Add back: Acquisition and integration costs paid 113.3 97.2

Free Cash Flow 884.8 812.1

1 Purchase of property and equipment excludes a one-off inflow from sale of property of £2.9m (2024: £nil)

Net cash inflow from operating activities increased by £74.7m to £876.3m, principally driven by the increase in adjusted

profit in the year, a working capital inflow of £47.1m, compared to an inflow of £32.9m in 2024, partly offset by higher taxes

paid. The working capital inflow in 2025 was driven by strong collections as customers paid upfront for future events.

The following table reconciles cash generated by operations, as shown in the Consolidated Cash Flow Statement to operating

cash flow as shown in the Free Cash Flow table above:

2025

£m

2024

£m

Cash generated by operations per statutory cash flow 1,187.5 1,011.4

Capital expenditure paid

(106.9) (100.0)

Pension receipt from escrow (13.1) –

Add back: Acquisition and integration costs paid 113.3 97.2

Add back: Restructuring and reorganisation costs paid 25.5 30.6

Operating Cash Flow 1,206.3 1,039.2

1 Capital expenditure paid excludes a one-off inflow from sale of property of £2.9m (2024: £nil)

Financial Review continued

Strategic Report

Informa Annual Report and Accounts 2025

The following table reconciles free cash flow from operations to net funds flow and net debt, with net debt decreasing by

£135.6m to £3,066.2m during the year.

2025

£m

2024

£m

Free Cash Flow 884.8 812.1

Acquisitions (183.0) (1,577.2)

Disposals (29.4) 199.2

Add back: Pension receipt from escrow 13.1 –

Dividends paid to shareholders (268.1) (248.2)

Dividends paid to non-controlling interests (29.9) (31.0)

Dividends received from investments 3.4 1.4

Proceeds from sale of investments 62.2 –

Purchase of own shares through share buyback (352.3) (428.2)

Purchase of shares for Employee Share Trust (6.3) (5.4)

Sale of property and equipment 2.9 –

Net funds flow 97.4 (1,277.3)

Non-cash movements, excluding net lease additions and acquired debt 273.8 (99.6)

Foreign exchange movements on net debt (148.2) 50.4

Net lease additions in the year (87.4) (34.0)

Net debt at 1 January (3,201.8) (1,456.4)

Acquired debt – (384.9)

Net debt (3,066.2) (3,201.8)

Financing and Leverage

Net debt decreased by £135.6m in the year to £3,066.2m (2024: £3,201.8m). This was largely due to the Group generating

positive funds flow in the year despite £620.4m (2024: £676.4m) returned to shareholders. Favourable movements in

derivatives associated with borrowings also contributed to the decrease, partially offset by adverse foreign exchange

impacts on borrowings.

The Group retains significant available liquidity, with undrawn committed financing facilities available to the Group of £970.5m

(2024: £1,050.0m). The Group-level liquidity at 31 December 2025 was £1,301.0m (2024: £1,534.3m), when the undrawn committed

financing facilities are combined with £330.5m of cash (2024: £484.3m).

The average debt maturity on our drawn borrowings is currently 4.0 years (2024: 3.4 years). There are no significant

maturities until July 2026, when a £450.0m EMTN is due to be repaid.

Net debt and committed facilities

2025

£m

2024

£m

Cash and cash equivalents (330.5) (484.3)

Bond borrowings 3,022.5 2,898.3

Bond borrowing fees (17.1) (16.4)

Bank borrowings 175.0 –

Bank borrowing fees (3.0) (3.8)

Acquired debt – 329.5

Derivative assets associated with borrowings (79.9) –

Derivative liabilities associated with borrowings 6.7 204.2

Loans received from joint ventures – 7.9

Net debt before leases 2,773.7 2,935.4

Lease liabilities 301.7 278.1

Finance lease receivables (9.2) (11.7)

Net debt 3,066.2 3,201.8

Borrowings (excluding derivatives, leases, fees & overdrafts) 3,197.5 3,227.8

Undrawn committed facilities (revolving credit facility) 970.5 1,050.0

Total committed facilities 4,168.0 4,277.8

The Informa leverage ratio at 31 December 2025 was 2.4 times (2024: 2.6 times), and the Informa interest cover ratio was 8.0

times (2024: 12.7 times). Both are calculated using our historical basis of reporting of financial covenants which no longer

applied at 31 December 2025. See the Glossary of terms for the definition of Informa leverage ratio and Informa interest cover.

Informa Annual Report and Accounts 2025

Strategic Report G F A

The calculation of the Informa leverage ratio is as follows:

2025

£m

2024

£m

Net debt 3,066.2 3,201.8

Adjusted EBITDA 1,272.6 1,107.4

Adjusted leverage 2.4x 2.9x

Adjustment to EBITDA

(0.2)x 0.1x

Adjustment to net debt

0.2x (0.4)x

Informa leverage ratio 2.4x 2.6x

1 Refer to Glossary of terms for details of the adjustments to EBITDA and net debt for Informa leverage ratio

The calculation of Informa interest cover is as follows:

2025

£m

2024

£m

Adjusted EBITDA 1,272.6 1,107.4

Adjusted net finance costs 143.7 79.6

Adjusted interest cover 8.9x 13.9x

Adjustment to EBITDA

(0.9)x (1.2)x

Informa interest cover 8.0x 12.7x

1 Refer to Glossary of terms for details of the adjustments to EBITDA for Informa interest cover

There are no financial covenants over any of the Group’s borrowings (2024: nil).

Financial Review continued

Strategic Report

Informa Annual Report and Accounts 2025

Corporate Development

Informa has a proven track record in creating value through identifying, executing and integrating complementary

businesses effectively into the Group. In 2025, cash invested in acquisitions was £183.0m (2024: £1,577.2m). Of this, £62.1m

(2024: £1,450.5m) related to spend on acquisitions net of cash acquired, £4.3m (2024: £8.2m) to cash paid for business

assets, £113.3m (2024: £97.2m) to acquisition and integration spend, £3.3m (2024: £14.6m) to cash paid to acquire Tarsus

non-controlling interests and £nil (2024: £6.7m) to a further investment in the Group’s interest in BolognaFiere.

Share buyback

In the year ended 31 December 2025, £352.3m of shares (2024: £428.2m) were repurchased, with 42.8m of shares cancelled

(2024: 51.5m). Cumulatively, since the programme started, £1,841.8m of shares had been repurchased with 260.4m shares

cancelled by 31 December 2025. The shares acquired during the year ended 31 December 2025 were at an average price of

817p per share (2024: 831p per share), with prices ranging from 634p to 990p (2024: 726p to 871p).

Pensions

The Group continues to meet all commitments to its pension schemes, which include four (2024: five) defined benefit

schemes, all of which are closed to future accruals.

At 31 December 2025, the Group had a net pension surplus of £44.1m (2024: £42.7m), comprising a pension surplus of

£44.1m (2024: £48.5m) and pension deficits of £nil (2024: £5.8m). Gross liabilities were £401.4m at 31 December 2025

(2024: £439.9m).

Informa Annual Report and Accounts 2025

Strategic Report G F A

to risk

Our approach

Introduction to risk

Delivering our ambition to

grow and create value means

we are always evolving as a

business. As we do so, we take

considered risk: seeing risk

clearly in all its dimensions

and seeking to manage it well.

At Informa, we see risk as the partner

ofopportunity. Taking considered risks

is integral to sustainable, compounding

growth, and our risk tolerance and

appetite reflect that. The better we

understand, anticipate and mitigate

risk, the more effectively we act

onopportunity.

Maximising opportunity

bymanaging risk

This is reflected in our readiness

tocreate opportunity and value by

developing and evolving our business.

For example, 2025 was the first year

ofanew structure for Informa, with the

launch of the Informa Festivals division

in January and the creation of Informa

TechTarget at the end of 2024.

Our ability to manage risks around talent,

change and integration is a keypart of

how we maximise the opportunities

these new businesses represent.

We also look ahead to our new

partnership with the Dubai World Trade

Centre, which formally took effect in

January 2026. Partnership isaroute to

growth we favour because it can offer

market access and local expertise.

Ourrecord in building partnerships

reflects our care in managing risk

factors such as cultural fit and shared

purpose with our partners.

In this section

How we manage risk 62

Principal risks and uncertainties

Strategic Report

Informa Annual Report and Accounts 2025

Responding to economic

andmarket risk

Geopolitical volatility brings inevitable

market risks. We have built an

international portfolio that has brought

us growth and reach, and diversified the

business. This allows us to mitigate the

impact of changes or challenges in

individual markets, which inevitably

arise from time to time.

In 2025, this flexibility helped us

navigate the economic and investment

market turbulence resulting from

evolving US trade policy. It also equips

us to respond to any changes to

domestic, regional or international

supply chains that could come from

such developments in the future.

Making the most

ofourstrengths

We develop and evolve internally, too.

Our One Informa programme reflects

the dynamism and readiness for change

that characterises our culture. How we

run the programme is informed by how

we handle the principal risk of failing

tomanage change effectively. This will

guide us as we prioritise, pace and

sequence different parts of the

programme in 2026 and beyond.

Evolving our approach

toAIrisk

Our risks and opportunities reflect

other changes in the world around us.

A good example is AI. This technology

is evolving rapidly, making it a major

consideration for nearly all businesses.

We are no different. AI is a significant

opportunity for our business, and in

2025, we focused on establishing the

right balance between innovation and

experimentation, and appropriate

governance and controls.

A major example from the year was the

launch of our AI capability, Elysia.

Among other things, this has given

colleagues new ways to get things done

more efficiently, freeing up time for

more value-added work and customer

engagement. It is also helping us

improve our customers’ experience

and our products. We chose to develop

a proprietary capability to limit the

data loss and privacy risks associated

with using external AI tools.

The growth of AI in our business led

usto consider how our principal risks

should best reflect AI risks, to make

sure we manage them as effectively

aspossible. We decided that AI has

most impact in the areas of privacy and

data use. As a result, we adapted our

privacy regulation risk to reflect the

risk of failing to use data and AI

responsibly, and set our tolerance level

to be risk cautious, inlight of the net

opportunity for innovation and growth

that AI presents. We also continue to

monitor AI asa component of several

other principal risks and subrisks.

Turning risk into opportunity

AI is also a dynamic in other risks and

opportunities. Take market risk, for

example. The increasing role of digital

and AI technologies in everyone’s

working lives is heightening the value

ofhuman interaction, which is at the

heart of what we do in our live events

businesses. The chance to come together

with customers, suppliers and peers,

and network with an industry or

community at a live event is enduringly

powerful. The more change

organisations face, the more help they

need to make sense of the unexpected

and forge – or deepen – the relationships

that allow them to respond. This is a

good example of a risk also presenting

an opportunity.

Looking ahead

In the coming year, we will maintain

ourclose watch on these areas.

Managing cyber risk will continue to

bea key priority too. The constantly

evolving threat in this area means it is

arisk that needs continuous attention

and mitigation. We constantly test

oursystems’ security and resilience,

monitoring the results and any action

that is needed in response. Equally,

inthe physical world, minimising

healthand safety risk will remain an

important and ongoing area of focus.

We continue to monitor the emerging

risk of climate change. Under our

FasterForward sustainability

programme, we are consistently

improving the impact we make, both

interms of reducing our direct impact

on carbon emissions and waste, and

maximising the areas where we can

make a positive difference to our

markets and customers.

As ever, I am confident that our

readiness to seize opportunities and

evolve, and our ability to weigh risk

andopportunity, will serve us well.

Gareth Wright

Group Finance Director

Chair, Risk Committee

Informa Annual Report and Accounts 2025

Strategic Report G F A

Achieving our growth plans and

realising our strategy is about

managing risk effectively, at every level

of the business.

Because we operate in a fast-changing

environment, we constantly evolve our

approach to managing risk, so that it

helps all parts of Informa to make

well-informed decisions and stay

flexible and competitive.

We manage risk using the same time

horizons as our strategy and business

planning processes:

• Near term: one year

• Medium term: three years

• Long term: five years

We embed risk management into our

business and commercial activities.

These are relatively decentralised, so

that as each of our divisions develops

plans and makes decisions, each one

also has to identify risks, manage them

and mitigate them appropriately.

Our culture means the people closest to

our customers, markets and operations

can make informed, risk-based business

and product decisions. By embedding

risk management across the business,

we make sure our colleagues

understand good risk practices

alongwith our broader policies

andgovernance frameworks.

A strong tone from the top underpins

this, together with communication

andtraining on our policies and

guidingprinciples that underline the

importance of maintaining trust and

strong relationships with customers

and partners.

Three categories of risk

Our three risk categories are:

Principal risks: the risks that we

believe could have the biggest impact

on our ability to operate successfully

and achieve our strategic objectives.

We describe our 12 principal risks on

pages 65 to 70.

To understand and manage risk as

effectively as possible, we break each

principal risk down into subrisks. For

example, we break market risk down

into the subrisks of market disruption

and new product development

anddelivery.

Our company-wide structures and

riskmanagement frameworks help

usmanage principal risks and their

subrisks. A Group leadership team

member is responsible for overseeing

and managing each principal risk.

Subrisks also have named owners,

often experts in the relevant area, who

are responsible for monitoring and

managing them.

Emerging risks: risks that are not yet

large enough to challenge our ability

todeliver our strategy. We monitor

andassess them in the same way as

principal risks, giving each emerging

risk a subject matter expert to make

sure they are sufficiently investigated,

understood and mitigated.

Business-level risks: risks that are

specific to markets or products. When

business-level risks become significant

enough to record on a divisional risk

forthem, which divisional senior

management teams monitor and review.

The Group Risk team, Risk Committee

and divisional senior management

teams discuss existing risks through

horizon-scanning reviews. These

reviews also help identify any

newrisks.

Our risk management

framework

Our enterprise risk management

framework consists of the following

five parts. While each principal risk has

the same overarching risk management

structure, it also has its own detailed

framework, based on the nature of the

risk. We believe this makes for a more

effective way of managing risk and

capturing opportunity because it

makes our understanding more

detailed and specific.

1. Risk profile and appetite

As part of setting the company’s

strategy, the Board articulates its

overall appetite and tolerance for risk.

Each principal risk has its own

statement of appetite and tolerance.

This is specific to its nature and profile,

and to how it connects with business

strategy, opportunity and the Group’s

overall risk profile.

2. Governance

Our governance structure includes

defined roles and accountabilities, so

that we have the right expertise to

oversee the various types of risk at

each stage. The Risk Committee meets

quarterly and gives the Board and

Audit Committee the information they

need to meet their responsibilities.

For details of the Board and Audit

Committee’s responsibilities, see

ourwebsite.

3. Culture

Our culture is important in managing

risk, particularly the way we expect

business teams to identify and manage

risk at a local level, in the same way

and at the same time as they identify

and pursue opportunity.

How we manage risk

Strategic Report

Informa Annual Report and Accounts 2025

4. Policies, processes

andmethodologies

We identify, assess, manage and

monitor risks using policies, processes

and methodologies. The Risk and

Compliance teams regularly assess

thissystem, with rotational testing

byInternal Audit and review by the

Riskand Audit Committees. Together,

these reviews and assessments

makesure our policies and processes

work effectively.

5. Tools and systems

We use industry-standard risk

management tools and systems,

alongside bespoke tools created for

us,to help us monitor, manage and

report on risk.

Risk management process

We identify risk over one- and three-year time horizons by

combining two types of analysis. In bottom-up analysis, each

division and Group function identifies its own risks and

opportunities in its markets, products or areas. And in top-down

analysis, the Group Risk team monitors for any risks that could

affect the company more broadly, such as the cumulative risk

from multiple large change programmes.

Identify

Each business monitors its own business-level risks and reports

back on them to the Group Risk team and Risk Committee, who give

feedback and request actions when they need to. They also assess

these risks to see if they’re significant enough to become emerging

or principal risks.

We use dashboards to monitor and report on the risk indicators

for principal risks and their subrisks, evaluating them against the

metrics and tolerances set by the Board.

Monitor and report

We assess all the risks we identify against financial and non-

financial criteria. We consider how likely a risk is to materialise,

and what financial impact it would have if it did, both before and

after implementing any mitigations to manage the risk. We also

consider risk preparedness, a measure of how ready we are to

respond to a risk if it happens.

For each principal risk and its subrisks, we also assess whether it

could have a material strategic, commercial or operational

impact on its own or as part of a multiple-risk scenario. Principal

risks with material commercial impacts form part of our viability

modelling and testing.

Assess

We have response plans for all risks. We evaluate how effective

they are at mitigating and managing risks to agreed tolerance

levels, and what resources they need to be able to do so.

Business and divisional senior management teams mitigate

business-level risks. The Group leadership team member

responsible oversees the management of principal risks. This

includes making sure we have adequate and effective controls,

and that we have an effective response strategy if the risk

crystallises or breaches appetite or tolerance thresholds.

Respond and mitigate

Informa Annual Report and Accounts 2025

Strategic Report G F A

Impact

Likelihood

Principal risk

Growth and strategy

1. Economic instability

2. Market risk

3. Acquisition and

integration risk

4. Ineffective change

management

5. Reliance on key

partnerships

6. Technology failure

7. Data loss and cyber

breach

8. Using data and AI

responsibly

People

9. Attracting andretaining

key talent

10. Health and safety

incidents

11. Inadequate response

tomajor incidents

Culture

12. Inadequate regulatory

compliance

Principal risks and uncertainties

Our 12 principal risks fall into

three categories: growth and

strategy, people, and culture.

Our tolerance for these risks is

categorised in one of three ways:

• Risk averse: We have a very low

tolerance for taking the risk and it

should generally be avoided

• Risk cautious: The risk is carefully

considered against the potential

opportunity and reward, using

financial and non-financial

measures. The end reward must be

amultiplier of the risk for it to be

considered and taken up

• Risk flexible: We consider taking

therisk on a case-by-case basis,

according to our broader growth

strategy, business plans and

marketcircumstances

A net risk rating is produced for each

principal risk. This assesses how likely

the risk is to occur and the impact

onInforma, taking into account our

current controls and mitigations.

Theseratings are mapped below to

give more insight into their relative

impacts and likelihoods.

The Board confirms that,

through the processes and

governance described above,

wehave performed a robust

assessment ofInforma’s

emerging and principal risks,

andbelieve that ourrisk

management framework

andprocess remain robust.

Strategic Report

Informa Annual Report and Accounts 2025

Economic instability

Owner:

Group Finance Director

Risk appetite:

Risk flexible

In-year movement:

No change

Economic instability, which can come from heightened

geopolitical developments, enduring major incidents, changes

in global trading patterns, or a downturn in a particular

market or region, could change customers’ demand for

products and services. If we were unable to navigate these

changes, we could risk being unable to deliver our strategy.

Market changes and currency fluctuations can also offer

opportunities – for example, to enter or expand in different

markets or benefit from expanded margins.

How we manage it

• We stay close to what is happening in our geographic and

customer markets through trading data, customer and

colleague feedback, and economic insights. Because this

principal risk is considered to have a comparatively higher

likelihood and impact than our others, it receives close

ongoing attention, and we have regular conversations

about the macro-economic environment at Board, Risk

Committee and leadership team meetings

• Agility is a large part of our everyday culture. Many of our

leaders have experience in responding promptly and

managing during periods of broader instability, including

experience with rescheduling events and managing

relationships with key partners, customers and suppliers.

We have leaders based across our major hubs, which helps

us respond effectively to location-specific issues

• Informa is a well-diversified business, operating in multiple

geographies and customer markets, which gives us resilience

and makes it easier to manage through any localised

market- or country-specific downturns or recoveries

• We have a good level of visibility on revenues, because

exhibitors book and pay for event space in advance and our

subscription products are typically annual or multi-year

agreements. This gives us advance booking data, which,

along with sales pipelines and other indicators, allows us

tocontinually assess the outlook for revenues and act on

any insights

• We have a strong balance sheet, as well as the ability to

access liquidity and cash reserves. This gives us confidence

that the Group could withstand any unexpected shocks.

Wealso monitor our liquidity ratios and conduct stress

testing to stay ahead of any emerging issues

• To protect against currency movements, we align our

borrowing with the currency of our largest sources of cash

generation and review our hedging arrangements. We also

apply hedging and capital management strategies around

cash-flow forecasting and procurement

• In periods of economic instability or uncertainty, we are

able to mitigate revenue risk by reviewing pricing strategies

if inflation is higher than usual, and to manage costs

through internal measures to protect our balance sheet

Market risk

Owner:

Divisional CEOs

Risk appetite:

Risk flexible

In-year movement:

No change

We work in a range of specialist markets. Many of these

markets are fast moving and can grow, shrink and change

fordifferent reasons, including technological, economic,

social, political and environmental ones. This can support as

well as disrupt customer demand, change preferences or

change the competitive environment for our products and

services. We are willing to take market risk because it can

create opportunities for growth, such as by developing and

launching new products, working with new partners

orexpanding in existing or new markets.

How we manage it

• We continually discuss developments in our geographic

and customer markets, including in quarterly leadership

and divisional planning meetings, Board strategy meetings

and as part of the three-year planning cycle. This helps us

to stay informed about market risk and opportunity, and to

act quickly to adapt our plans and go-to-market strategies

where needed

• We regularly assess the subrisks that make up this principal

risk, to make sure we are monitoring risks and opportunities

at a granular level and so are better able to act on them. In

2025, this included paying close attention to subrisks such as

product development and delivery, and market disruptors

such as generative AI

• Informa is a well-diversified business and works in more

than a dozen customer markets. This makes us resilient to

disruption in individual markets, as does the quality of our

brands and customer relationships

• We have deliberately focused our business on specialist

customer markets that have good long-term growth

characteristics, and markets where our brands and

products are particularly valuable to businesses,

professionals and researchers

• Our culture of staying close to customers gives us good

insight into trends and preferences. We use this

information to make sure our products remain valuable

and relevant, and to spot new opportunities for growth

• We continually invest in our products to make sure they

keep pace with customer demand and market trends.

Thishelps us both manage risk and capture opportunity

• We consider risks and mitigations when we undertake

significant investment programmes and portfolio changes,

sowe pursue the right opportunities in the right way

• Sometimes we grow in markets by forming partnerships

with businesses that operate in those areas already.

Thishelps us manage risk because we can leverage our

partner’s existing knowledge and footprint. We have

developed strong skills in creating and operating joint

ventures, strategic partnerships and business models

where Informa is a majority owner. We choose partners

with complementary strengths and cultures, and make

sure they are aligned with our focus

Growth and strategy

Informa Annual Report and Accounts 2025

Strategic Report G F A

Principal risks and uncertainties continued

Acquisition and

integrationrisk

Owner:

Director of Strategy

& Business Planning

Risk appetite:

Risk flexible

In-year movement:

No change

One of the ways we grow and build leadership positions in our

markets is through acquisitions and partnerships. When we

add businesses to the Group, their financial performance can

exceed or fall short of expectations if market conditions change

or if the integration process is more or less complex or effective

than we expected. We are prepared to take reasonable risks to

add talent, capabilities, products and brands through

acquisitions, joint ventures and partnerships, and we invest to

make sure our integration processes capture the full benefits of

doing so.

How we manage it

• We are considered in how we allocate capital: focusing

investment on the markets and areas of our business that

have the strongest growth opportunities and where we can

create or extend a leadership position

• We carefully analyse acquisition targets and partnership

opportunities, assessing them for their strategic and cultural

fit. Functional experts, supported by external partners

where needed, work alongside our Corporate Development

team throughout the due diligence, acquisition and

integration phases to provide rounded insights

• All acquisition, joint venture and divestment activity

undergoes a risk management review. We document risks

and how we will manage them to build a risk profile that

informs decision making

• All such transactions follow set due diligence, governance,

leadership and project management processes. We apply

additional checkpoints and senior oversight for more

complex or sizeable acquisitions or partnerships

• Each transaction has a value-creation register, which

assigns individual ownership to all aspects of

implementation. We closely monitor post-transaction

performance so that we can take prompt action if delivery

and expected returns vary from plan. This includes

quarterly reviews with divisional leadership and annual

reporting to the Board. Our Corporate Development team

reviews financial and non-financial performance measures

at least monthly. We monitor integration plans for at least

two years and conduct additional spot checks and

assurance reviews beyond that point

• We have built significant experience in business integration

and use it to manage risk and make sure outcomes are

successful. This includes having colleagues dedicated to

integration, who oversee and co-ordinate any dependencies

between programmes that are running at the same time,

with a senior sponsor for each acquisition. We also analyse

and report on lessons learnt in previous transactions

Ineffective change

management

Owner:

Group Chief Operating Officer

Risk appetite:

Risk flexible

In-year movement:

No change

Change is part of, and is also an outcome of, our growth

strategy. If change is not managed effectively however, it can

create operational challenges, and those can affect our ability

to deliver strategic, commercial and operational benefits.

How we manage it

• We have a good track record of successfully implementing

change programmes – for example, as part of large-scale

acquisitions and divestments that have changed our

operating model

• Members of the Group leadership team oversee and

sponsor key change initiatives. We set up specific

governance structures for significant projects and all

large-scale strategic changes

• Our funding and investment programmes, and our

acquisitions, include change management disciplines and

have defined governance and reporting structures

• Considering our stakeholders, particularly our colleagues,

is an embedded part of the way we work at Informa.

Ourpurpose, strategy and guiding principles inform our

decisions. We carefully weigh the impacts and benefits of

any change on stakeholders, identifying issues and aiming

to mitigate these as far as is practical

• We consider the risk of business fatigue from both

individual and simultaneous change and transformation

programmes, to make sure the controls and mitigations we

have put in place are effective, consciously sequencing our

change plans accordingly

• As part of our broader goal to continually enhance how we

manage risk, and to support the delivery of the One

Informa programme from 2025, we created a centre of

excellence for change management that has helped us

improve in this area

• We also developed a new change framework, based on five

areas we believe are particularly important to One Informa’s

success – leadership alignment, change impact analysis,

colleague engagement, training and adoption tracking – to

help us embed its programmes and changes effectively

Strategic Report

Informa Annual Report and Accounts 2025

Reliance on key

partnerships

Owner:

Group Finance Director

Risk appetite:

Risk flexible

In-year movement:

No change

We work with a range of business partners, including strategic

partners, trading partners, service providers and financing

providers. If a significant partnership or service provision

were disrupted or failed, this could affect the delivery of

certain products and services, and normal business activity.

How we manage it

• We mitigate this risk by making sure we understand our key

business partners well, identify areas of risk, put in place

controls for those risks and monitor relationships on an

ongoing basis

• This includes assessing risks associated with existing and

new strategic partners where Informa is typically the major

owner in an agreement, where we focus on ensuring all

partners are aligned and working openly and collaboratively

• As part of their formal reviews and reporting to the Risk

Committee, each division and Group function identifies

keypartnerships and what risk we are exposed to, and

describes the preparedness and resilience plans in place

• We ensure there is accountability for each key relationship

among our management teams

• We apply additional due diligence to certain key partners by

assessing the robustness of their business plans, financial

stability, cyber and information security practices, and

business continuity plans

• We monitor performance levels and have contracts and

service level agreements that enable us to act on any

recurrent issues

• Our Treasury Policy ensures we are not overly reliant on

any single financing partner

Technology failure

Owner:

Chief Commercial Officer

Risk appetite:

Risk averse

In-year movement:

No change

Technology underpins our products, services and business

operations. A prolonged loss of critical systems, networks or

similar services could disrupt business operations and the

delivery of our products and services, affecting revenues,

customer experience and our reputation.

How we manage it

• We work to minimise the likelihood and impact of any

business-critical technology failure and increase our

preparedness to handle any disruption. We manage risk

and continually improve our operational resilience through

a framework that includes governance standards, maturity

targets and controls

• We carry out assessments of future needs so we can take

steps to prepare and strengthen our IT readiness

• One Informa – and the ongoing growth of our data and

importance of our digital services – is increasing the

importance of having a resilient and high-performing

technology landscape. In response, we are enhancing our

visibility and oversight of technology throughout the

company, simplifying our technology estate. We are also

improving robustness and service levels where we identify

opportunities to do so, focusing on our highest-priority

products and critical systems

• We take a cloud-first approach, because it increases the

resilience of our products and services, improves recovery

times in case of any issues and gives us more capacity to

scale. We manage operational risks by using managed

services in some instances

• We assess our technology service providers on their service

levels to minimise the risk of downtime, their service

continuity, including failover capabilities, and their security

and resilience

• We have proven capabilities in remote access and remote

working. Colleagues can work securely and productively

from anywhere if one of our hubs were affected by a

technology outage

Informa Annual Report and Accounts 2025

Strategic Report G F A

Data loss and cyber breach

Owner:

Chief Commercial Officer

Risk appetite:

Risk averse

In-year movement:

No change

We use interconnected systems and data in our business

operations and products. Cyber threats are evolving and

cyber attacks are increasing. A cyber breach or the loss of

sensitive or valuable data, content or intellectual property

could create losses for our stakeholders, affect our reputation

and disrupt the business or our customers’ experience.

How we manage it

• We aim to protect our data robustly and align with privacy

regulations and good security practices

• We have a central Information Security team that

determines our strategy, oversees company-wide security

initiatives and sets security standards

• The Risk Committee monitors the performance, progress

and maturity of our cyber security controls every year. We

run internal and external assurance programmes that

assess compliance with security policies, standards and

controls, with reports provided to the Risk Committee,

Audit Committee and leadership team

• We regularly test our data and cyber security controls and

practices to create a more robust and secure environment,

and take a security-by-design approach to developing

products and implementing new platforms

• We use a layered defence-in-depth approach to protect the

confidentiality, availability and integrity of key systems.

This comprises multiple administrative, technical and

physical controls, which are continually monitored and

adapted in response to developing threats

• We run a third-party risk management programme to

assess the security of suppliers that have access to our data

or systems

• We have a well-defined incident management response to

help us act effectively on any issues that arise

• To support a security-aware culture, we run simulated

events to test security controls and response tactics. We

also deliver annual awareness programmes and training to

colleagues, which include communications and simulated

phishing exercises that reflect emerging cyber issues as

well as the most common forms of attack

Using data and AI

responsibly

Owner:

Group General Counsel and

CompanySecretary

Risk appetite:

Risk cautious

In-year movement

No change

We use data and AI technologies in an increasing number of

ways to capture commercial opportunity and better serve

customers. Privacy, data protection and AI-related regulations

are evolving and increasing in many of the jurisdictions we

operate in. More onerous legislation could limit how we access

and use this data, and different legislative approaches could

increase the operational complexity of compliance. Non-

compliance can lead to fines, damage reputation and customer

relationships, and affect our ability to trade in some countries.

How we manage it

• We respect and value personal information and privacy,

andcomply with regulatory requirements

• As we capture and use data in our business and products in

more ways, we have invested more in our capabilities so that

our controls environment remains robust

• The Group Chief Privacy Officer oversees data privacy

andAIgovernance, supported by a dedicated Head of AI

Governance. Each division has dedicated privacy managers

who guide our product and commercial teams on privacy

compliance and good practice as they develop new platforms

and products

• Each year, the Privacy team benchmarks the maturity of

Informa’s divisions and functional units to help identify risks,

strengths and opportunities for improvement

• We run a comprehensive data privacy programme. This

includes using privacy management technology, putting in

place subject matter experts at multiple levels of the

business, and conducting robust privacy risk and data

protection impact assessments. All colleagues have

mandatory training on their data privacy responsibilities,

which is supplemented by topic-specific training for those in

specifically relevant roles. We apply privacy-by-design

principles when starting new projects

• We re-evaluate all our programmes each year to make sure

we address any changes to business strategy, priorities or

emerging privacy regulations or risks. We regularly monitor

external factors and changes in privacy and data protection

laws, and consider and communicate any operational impacts

• During 2025, in response to such business and market

developments, we established an AI governance programme

to oversee the development, procurement and deployment of

AI systems across Informa, and to make sure these systems

comply with relevant regulatory requirements and reflect

strong ethical standards. The programme incorporates our AI

Council, made up of senior leaders from relevant areas, which

steers key decisions. The programme also includes a policy

framework, operational support including AI impact

assessments, and mandatory training on AI governance

Principal risks and uncertainties continued

Strategic Report

Informa Annual Report and Accounts 2025

Attracting and

retainingkey talent

Owner:

Group HR Director

Risk appetite:

Risk cautious

In-year movement

No change

Our colleagues, their capabilities and their engagement are

important to delivering our strategy and serving customers.

The loss of key talent in critical functions and inadequate

succession planning for senior managers could affect our

growth and business success.

How we manage it

• We put considerable time and investment into creating an

engaging, inclusive and rewarding working environment to

help retain key talent and make the most of all colleagues’

skills and abilities

• Colleagues, culture and talent are ongoing points of

discussion for the leadership team and Board. Our leaders

and Directors engage with colleagues directly and regularly

to stay close to sentiment. We also run a formal annual

company-wide survey, alongside business-level spot

checks, and monitor leaver data and surveys to understand

trends and act on any opportunities or issues

• Under One Informa, we have increased our focus on the

experience our colleagues have when working here and,

inparticular, to improving their career opportunities. This

includes by providing greater access to formal learning

andcertifications, extending programmes that offer new

experiences at work and prioritising our recruitment

efforts towards internal candidates. We continue to

expandcolleague benefits internationally, including

ourshare programmes

• We incentivise key talent, alongside establishing short- and

long-term succession plans. For roles that are particularly

commercially sensitive, we use post-termination

restrictions to reduce the impact of losing talent

• Colleague engagement, retention and internal mobility

rates are among the data points reported to the Risk

Committee. Where we feel attrition rates are high,

management teams must report on the measures they are

taking to reduce those rates

Health and

safety incidents

Owner:

Group Chief Operating Officer

Risk appetite:

Risk averse

In-year movement

No change

We want our workplaces, including our live events, to be

safeand secure environments for everyone. Incidents or

mismanagement of this risk can injure our colleagues,

customers or the general public, affect our reputation,

andlead to fines and claims for damages.

How we manage it

• We focus on preventing incidents by establishing good

health and safety operating standards, and building

awareness and personal accountability into our culture.

TheRisk Committee monitors and regularly reviews

healthand safety progress

• We have a dedicated central Health, Safety and Security

team, which includes regional experts who work with all

ourteams to help embed consistent approaches in local

markets, validate standards and provide targeted support

• Our standards and frameworks are documented and made

available to everyone involved in health and safety,

includingcontractors

• We have an approved contractor scheme, which enables us

to work more closely with a set of key partners on health and

safety performance, feedback and improvements

• Every year, we assess and audit a sample of our events and

facilities based on risk to make sure they comply with

company standards, and monitor any required actions until

they are completed

• We use a digital health and safety incident reporting and

management tool, which makes it easy for colleagues and

contractors to report incidents and near-misses, particularly

when they are onsite at live events. This gives us insight into

trends so that we can identify and target future

improvements more effectively

• We have a company-wide travel management system, where

colleague accommodation and travel are tracked in case of

any issues and booked to acceptable safety standards.

Colleagues also have access to anytime support, delivered

by a third-party security operations provider, for any

incidents that happen while travelling for work anywhere in

the world

• We deliver mandatory online health and safety training to all

colleagues and update this regularly – including in 2025 – to

reflect developments in the company and the risk landscape.

For colleagues who are most closely involved in

implementing health and safety policies, including senior

operations leaders, we ran more detailed and updated

safety operating model training during the year

People

Informa Annual Report and Accounts 2025

Strategic Report G F A

Inadequate response

tomajorincidents

Owner:

Group Chief Operating Officer

Risk appetite:

Risk averse

In-year movement:

No change

Major incidents – such as those caused by extreme weather,

natural disasters, military action, terrorism or major disease

outbreaks such as pandemics – can affect our colleagues

andcustomers, and disrupt our operations and events.

Responding inadequately to a major incident can exacerbate

or worsen the issue, affecting colleague and customer health

and safety, and our reputation, and potentially lead to

criminal and civil investigations.

How we manage it

• Most of the time, businesses cannot control the causes of

major incidents. We focus on staying informed about

evolving situations that could become major incidents and

making sure our response to them is effective, so that any

impacts are minimised

• We partner with a virtual security operations provider, which

advises us on security trends and risks in key locations in

real time. It also provides health and security advice and

assistance to colleagues when they travel for business

• We have regional crisis response hubs that mobilise in the

event of a major incident in a particular location and

co-ordinate our response. They receive annual training and

testing and follow documented processes created to help us

respond more quickly and effectively. We also have a crisis

council that would convene to manage any severe

circumstances or global matters, and that similarly follows

documented processes

• Our central Health, Safety and Security team provides

expertise on incident management, and supports colleagues

and directly affected stakeholders in an emergency. A

cross-company business resilience council contributes to

assessing and providing oversight of this risk too

• Each division considers known extreme weather patterns

when planning event schedules, as well as terrorism threats

and potential unrest or protests. We conduct enhanced

security risk assessments to protect our people and

operations in higher-risk locations

• Each of our events has an incident response plan specific to

its location, format and the operational colleagues who

attend our events

• We continually monitor for new or increasing risks and

prioritise our work accordingly, so that relevant colleagues

and teams are briefed and receive up-to-date guidance to

help us prepare to respond

Inadequate regulatory

compliance

Owner:

Group General Counsel and

CompanySecretary

Risk appetite:

Risk averse

In-year movement:

No change

Colleagues and business partners who work with us, or on

ourbehalf, are expected to comply with applicable laws

andregulations. If we fail to comply, we could face fines

orimprisonment, damage our reputation or be unable

totradein some countries.

How we manage it

• Our commitment to ethical and lawful behaviour and our

expectations of others are clearly articulated in our Code of

Conduct, Business Partner Code of Conduct and policies, and

in our guiding principles

• We run a comprehensive compliance programme to help us

meet our obligations under material legislation. It includes

horizon scanning for new or changing regulations, detailed

risk assessments, training and communications. It

incorporates anti-bribery, anti-harassment and bullying, and

sanctions programmes that include internal controls and

risk-based screening and monitoring of suppliers, sales

agents and customers

• We regularly assess and update our programmes to align with

business changes and external factors. In 2025, we enhanced

our fraud prevention programme by introducing a new policy,

consolidating our guidance to colleagues into a single

comprehensive resource, rolling out new training for all senior

managers and relevant team members, and strengthening

our controls in line with the UK Government’s guidance under

the Economic Crime and Corporate Transparency Act

• We continue to pay close attention to our sanctions

programme, so that it remains robust and effective in the face

of changes to the geopolitical landscape. We proactively

monitor and manage potential risks to safeguard our business

operations, including by collaborating closely with joint

venture partners and continually strengthening our controls

• We train all new colleagues on the Code of Conduct and key

policies, and they are required to accept role-relevant policies

• We provide colleagues with multiple ways to report any

concerns around potential misconduct or non-compliance in

our business. These include speaking to line managers, HR,

Compliance or senior leaders, or using our Speak Up

whistleblowing facility. This is open to anyone, internal or

external, to raise concerns about actions that may violate

our policies or applicable laws. We also provide an

ask-a-question feature where colleagues can seek advice

before making a formal report or taking action. Retaliation

against individuals who raise genuine concerns or

participate in investigations is not tolerated

• All reports of potential breaches of our Code of Conduct and

policies are promptly assessed and, where appropriate,

investigated, with actions taken to remedy substantiated

breaches or implement key learnings

Culture

Principal risks and uncertainties continued

Strategic Report

Informa Annual Report and Accounts 2025

Informa’s directors conduct a

structured assessment of the

company’s long-term prospects

and viability over a three-year

period, and continue to have

confidence in its business

model and future outlook.

Assessing long-term

prospects

We evaluate the outlook for our

business, and Informa’s broader

prospects, through the annual

business planning and strategy

process. Each division develops a

three-year business plan outlining its

growth ambitions, objectives and

resource requirements, taking into

account both external factors such as

competition, market trends and risks,

and internal factors such as talent,

product development and technology.

Plans include financial forecasts, key

assumptions and risk analyses.

Consolidated divisional plans are

reviewed by the leadership team and

presented to the Board for input and

challenge during the annual strategy

meeting. Plans are updated throughout

the year. Financial forecasts are used to

assess Informa’s funding needs and

the liquidity available for reinvestment

and shareholder returns, as well as

annual impairment reviews.

Viability statement

In this section

Viability statement 71

Task Force on Climate-related

Financial Disclosures report

Non-financial and sustainability

information statement

Assessing viability

The Directors consider Informa’s

trading prospects, liquidity and the

potential impacts of risk over a

three-year period: a time period that

aligns with our visibility over market

trends and the nature of Informa’s

business. Assessments beyond three

years are subject to uncertainty that

increases further out in time. The

Group is considered viable if, after this

assessment, financing facilities provide

sufficient cash liquidity to fund

operations and repay or refinance

debts as they fall due.

2025 viability assessment

To assess the impact of risk, we consider

severe but plausible scenarios where each

principal risk might occur or crystallise.

Ifthe potential financial impact is over

5% of average EBITDA over the three-

year period, the principal risk is modelled

against the Group’s financial plan to test

whether it would adversely impact the

Group’s viability on a standalone basis.

In this way, three principal risks

weremodelled for the 2025 viability

assessment: economic instability,

market risk and inadequate response

to a major incident.

The potential financial impacts of

theserisks were also modelled as a

single scenario to understand their

combined financial impact. To assess

the Group’s liquidity, we considered the

following factors:

• Current liquidity position: the

Grouphas a strong liquidity position

and nofinancial covenants on

Groupborrowings

• Ability to increase liquidity: Informa

is a well-established borrower with

an investment grade credit rating

from Fitch, Moody’s and S&P. The

Directors are confident that the

Group could further increase

liquidity by raising additional

borrowings if needed

• Current EMTN programme: We have

EMTN borrowings of £450m that

mature in July 2026 and intend to

refinance these ahead of time. In

both the base case and severe but

plausible scenario, we have sufficient

liquidity to repay the maturing

borrowings from existing committed

facilities and are not relying on

refinancing. We have assumed that

the Group’s EMTN borrowings

maturing in October 2027 (€600m)

and April 2028 (€500m) will be

refinanced at maturity

The Group remains viable, including

when modelling the three largest

principal risks together, without any

cost mitigations being modelled.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Viability statement continued

Directors’ Viability statement

The Directors have concluded that a

single risk is unlikely to threaten the

Group’s viability, and have a reasonable

expectation that the Group can continue

to operate and meet its liabilities as they

fall due over the three years to

31 December 2028.

2025 going concern assessment

To complete the going concern

assessment, the Directors have

modelled a base case with sensitivities

and a reverse stress test for the period

to June 2027. The base case assumes our

financial performance aligns with the

guidance given for 2026 and is followed

by similar growth in early 2027.

Through the financial plan period, the

Group maintains a liquidity headroom

of more than £0.6bn. To consider a

downside scenario, the Directors

separately and in aggregate applied

the three scenarios used in the viability

modelling to the financial plan. In each

case, the Group maintains a liquidity

headroom of more than £0.3bn.

The reverse stress test shows that

theGroup can afford to lose 42% of

itsrevenue from 1 April 2026 to the

end of June 2027 and maintain a

positive liquidity headroom. This is

anextremely remote scenario and

assumes we make no indirect cost

savings, refund customer receipts

andcollect no further receipts in

theperiod.

Based on these assessments, the

Directors confirm the Group has

adequate resources to operate for at

least 12 months from the signing date

ofthe Annual Report and Accounts,

supporting the going concern basis

ofaccounting when preparing the

FinancialStatements.

Market trends,

peers, customers

Multi-year divisional

strategicplans created

Multi-risk Group strategy plan

Three-year business plans

From which three-year

business plans areformed

bydivisions

The Group is viable if

sufficientliquidity

headroommaintained

Plan tested against the three

principal risks where, in

asevere but plausible scenario,

the impactofthe risk was

valued at over 5%

averageEBITDA

Capabilities,

people, products,

platforms

Risk and

sustainability

Current

portfolio

Ambition

Outcomes assessed against liquidity headroom

Tested against

economic instability

Tested against economic instability, market risk and inadequate

response to major incidents simultaneously

Tested against

market risk

Tested against

inadequate response

to major incidents

Strategic Report

Informa Annual Report and Accounts 2025

Task Force on Climate-related Financial Disclosures report

Introduction to our reporting

The following disclosures are designed to

meet the recommendations of the Task

Force on Climate-related Financial

Disclosures (TCFD) All-Sector Guidance,

which is required by the UK Listing Rules.

They are consistent with the TCFD’s four

pillars – Governance, Strategy, Risk

Management, and Metrics and Targets

– and 11 recommended disclosures.

The combination of this report, with

theother sections of the Annual Report

we have indicated, contains all the

information we consider material to

understanding Informa’s position and

prospects when it comes to the risks and

opportunities related to climate change.

Because considering climate-related

risk and opportunity is embedded into

several broader business processes,

we cross-link to other parts of the

Annual Report, which also ensures

clarity and avoids repetition. We also

publish separate documents on our

website to cater to stakeholders

whohave a deeper level of interest:

specifically our Climate Impacts

Report, last updated in 2024, and

ourannual Sustainability Report.

Governance

The Board, Audit Committee, Risk

Committee and leadership team

oversee our approach to risk

management and to sustainability.

Thisincludes overseeing how climate

change-related risk and opportunity

are identified, assessed and managed.

Board oversight

The Informa Board reviews and

approves the company’s overall

sustainability strategy, which includes

the FasterForward programme. The

fullBoard receives regular reports

from the Sustainability Director that

include updates relating to climate

change and any financial impacts of

ascale relevant to Board matters.

These updates include progress against

goals and targets, allowing the Board

to monitor delivery and performance

against strategy. As part of its duties,

the Board also considers matters

related to the environment in its

decision making.

We have a dedicated Climate Impacts

Steering Committee, chaired by the

Group Finance Director – who is also a

Board Director – to provide additional

leadership and focus in this area, and

toco-ordinate the functions involved

inassessing and managing impacts.

Itreports on its activities to the Audit

Committee twice a year. In this way,

theAudit Committee is updated on

developments in climate change

reporting and our broader

sustainabilityactivities.

Climate-related risks are also considered

by the Risk Committee, which is attended

by the Sustainability Director and

reports to the Audit Committee after

every meeting. The Risk Committee is

chaired by the Group Finance Director.

Management role

At an executive level, sustainability

isoverseen by the Director of

InvestorRelations, Communications &

Brand, who is a member of Informa’s

leadership team and the Climate Impacts

Steering Committee, and to whom the

Group Sustainability team reports.

TheSustainability team devises and

implements Informa’s overarching

response to climate change impacts. Each

division is responsible for identifying and

responding to climate risk and opportunity

at a product and market level, as part of its

established business planning and risk

management processes.

We include sustainability criteria in our

Directors’ remuneration plans. The

current measure is the number of

events accredited in our Sustainable

Event Fundamentals programme,

which includes climate-related

elements such as energy efficiency in

our value chain. These criteria are, in

turn, included in the objectives of a

wider group of managers in relevant

parts of our business.

Strategy

Our FasterForward sustainability

programme is the way we seize

opportunities and manage our

responsibilities and risk around

sustainability, and it is a key part

ofourresponse to climate change.

Risks and opportunities

We have assessed the impacts

ofclimatechange on Informa. From this

assessment, there are 11 areas of risk

and opportunity that are relevant to

ourbusiness model and strategy. These

relate to the physical impacts from

climate-related events and the transition

impacts from the way theworld moves

to a lower-carbon economy. See overleaf

for a description of each impact and how

we address them.

We consider these impacts over

thesame time horizons we use in

business planning, risk management

and viability modelling: a near-time

horizon of 12 months (short term), a

medium term of three years and a

longer-term horizon of five years.

Over the periods we focus on,

noneofthe potential impacts we

havemodelled meet the threshold for

climate change to be a principal risk

toInforma, or to have a material

financial impact.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Our climate impacts

Impact and type Description Time horizon Actions

Physical risk: workplace and

community disruption

Extreme weather events could affect the

locations where our colleagues work

Short, medium,

longterm

Extensive and proven remote

working capabilities

Physical risk: event and

supplychain disruption

Extreme weather events could disrupt

ourbusiness operations, events or the

infrastructure they use

Short, medium,

longterm

Business resilience planning,

andhealth and safety incident

responseplans

Transition risk and

opportunity: evolving

customer markets

Some markets we serve may grow and

others may be disrupted by the shift to

alower-carbon economy

Short, medium,

longterm

Portfolio diversification, with

opportunity and risk identification

and management embedded into

ourdivisions

Transition risk and

opportunity: change to

business travel patterns

Changes to customer willingness to

travelcould make some live events more

orless valuable and some on-demand

events moreorless popular

Medium,

longterm

Business diversification by product,

customer market and geography.

Afocus on high-value services,

including must-attend events that act

as efficient travel consolidators, saving

attendees time, money andcarbon

Transition risk: changes

tocarbon costs in direct

operations

Changes in the price of renewable

electricity and carbon offsets could

affectoverall costs

Medium,

longterm

Reducing scope 1 and 2 emissions

toreduce carbon offset purchases

Transition risk: changes

tocarbon costs in the

valuechain

Any new costs, such as carbon taxes

onflights or budgets for individuals

orcompanies, could affect supply

chaincosts

Long term Reducing scope 3 emissions,

including supplier engagement,

toreduce potential carbon costs

inthe supply chain

Transition risk and

opportunity: attracting

andretaining talent

Our reputation on sustainability could

influence recruitment and retention

Short, medium,

longterm

Implementing FasterForward and

proactive talent attraction and

retention programmes

Transition risk and

opportunity: market

association

Working in markets or with partners who

are positively or negatively associated with

sustainability could impact our reputation

Short, medium,

longterm

Portfolio diversification, with limited

exposure to markets most at risk

ofdisruption

Transition risk and

opportunity: climate-related

legislation

Complying with new legislation could

entailcosts and bring opportunities to

demonstrate performance

Short, medium

term

Management of regulatory

compliance risk and work to prepare

for new regulations

Transition risk and

opportunity: investor focus

onclimate change

Growing investor interest in ESG could

attract new funds or otherwise impact

investment decisions

Short, medium,

longterm

Implementing FasterForward and

acontinued focus on performance

inrelevantindexes

Transition risk and

opportunity: other

stakeholderexpectations

Changing stakeholder expectations may

influence our reputation and require more

resources for engagement and reporting

Short, medium,

longterm

Implementing FasterForward

andstakeholder engagement

programmes

Task Force on Climate-related Financial Disclosures report continued

Business impact

We are a well-diversified business, and

this, plus our business model, gives us a

good level of resilience to the risks most

closely related to climate change.

Forexample:

• We work in a broad number

oflocations

• Our operations are well distributed and

we have a proven ability to relocate or

adjust our operations at short notice if

an extreme weather event makes this

necessary, with limited business impact

• We serve dozens of different customer

and specialist markets, andhave limited

exposure to the markets that are most

at risk of being disrupted by the

transition to a lower-carbon economy

• We have a culture of acting quickly

torespond to business and customer

opportunities as well as challenges

We also believe that our product and

services – particularly our specialist

content and our events – can help

customers better understand and act on

their own climate and sustainability-

related goals.

This has the potential to create new

opportunities for Informa as the world

transitions to a lower-carbon economy,

and serving customers relevant

sustainability content and connections is

part of our sustainability programme.

Business resilience

The four risks that would be most

material from a financial and non-

financial perspective are: our customer

markets evolving, business travel

patterns changing, extreme weather

events affecting our largest events,

anddisruption to workplaces

andcommunities.

We have built a dynamic financial model

to test and quantify the impact of these

four risks in four scenarios. We update

this model regularly for the latest climate

science and aim to keep increasing the

specificity of our modelling, with inputs

from external specialists.

The four scenarios chosen align with the

UN’s Climate Action Pathways, which set

out pathways that future climate

scenarios may follow. We have further

customised them to make them relevant

to our business. The financial model is

based on a series of estimates and

assumptions, drawing on publicly

available data and internal data sets

tocreate an estimate of annual

discounted value at risk.

Strategic Report

Informa Annual Report and Accounts 2025

Climate scenarios

Business as usual Blue World Green World A Green World B

Global temperature

rise by 2100

>3°C 2°C 1.5°C 1.5°C

Assumed policy

developments

No change Significant promotion of

investment in low-carbon

technology

Radical push to decarbonise by governments, business and

society

Assumed

technological

developments

Follows historical

pattern

Rapid development and

scaling of new technology.

Low-carbon air transport

remains unviable for the

next10 years

Technology advances alone are not sufficient to decarbonise to

1.5°C, but the rapid development and scaling of new technologies

are assumed, along with low-carbon air transport remaining

unviable

Assumed macro-

economic

conditions

High market

uncertainty. Potential

for individual market

collapse

Some market uncertainty.

Gaps between winning and

losing companies

High market certainty. Sector financial performance is highly

aligned with carbon performance

Customer

sentiment changes

Follows historical

pattern

Major demand for knowledge

and trade in certain sectors

Significant behaviour change,

including a blanket reduction in

travel, resulting in decreasing

attendance at live events

Significant behaviour change,

combined with a focus on travel

effectiveness, protecting and

supporting the role of live

events as a travel consolidator,

making them the destination of

choice for business travellers

Estimated financial impacts of climate scenarios

The table below outlines the annual discounted value at risk in five years’ time

for each of the four key risks identified.

Thisdoes not include any reduction to the value at risk through mitigation, which we believe would be material.

Business as usual Blue World Green World A Green World B

Office and homeworker disruption After modelling, this does not represent a significant impact in any scenario, due to proven colleague

and business flexibility

Event and supply chain disruption £31.0m in all scenarios

Evolving customer markets £nil £3.7m £1.5m in both Green World scenarios

Customer willingness to travel £(0.9)m £7.7m £36.6m £(14.7)m

1 Unmitigated single-year net income at risk for the year ended 31 December 2030 on a discounted basis.

We model and present our climate

impacts against a five-year time horizon,

as this corresponds most closely to

thehorizons we use elsewhere in our

business, including in business planning

and risk management.

Our balance sheet holds a relatively low

value of tangible fixed assets, and as

there is little value in calculating physical

risks on leased offices and other

buildings, we consider the risk of

disruption from losing access to our

offices and wider disruption in a given

location instead.

We have not quantified, and we do

notcurrently model, the opportunity

tocreate new products beyond a

business-as-usual level that we would

expect to arise in Blue World and Green

World scenarios, because the diverse

nature of our products and the range

ofmarkets we work in makes it hard to

dosoconsistently.

The analysis below shows the impact

ifrisk is not mitigated. This provides

abaseline against which our many

actions to manage impacts can be

measured. It guides which impacts

should be monitored and managed most

closely. Impacts have been discounted

using the Group’s weighted average cost

of capital to show a present value. We

apply the same materiality threshold as

we do in our viability modelling, which is

described on page 71.

Over these periods, none of the potential

impacts we have modelled meet the

threshold for climate change to be a

principal risk to Informa. The leadership

team has reviewed this analysis and,

when combined with the results of our

2023 double materiality assessment,

confirmed that our business planning,

risk management and sustainability

activities continue to focus on those

areas that are most significant to

Informa’s future position and success.

The Climate Impacts Steering Committee

will continue to review whether to

expand the financial model to include

more of the 11 identified impacts, based

on any changes to the materiality of

those risks and our overall risk appetite

and tolerance.

Informa Annual Report and Accounts 2025

Strategic Report G F A

Task Force on Climate-related Financial Disclosures report continued

Risk management

Risk management processes

The process for identifying, assessing

and managing climate-related impacts

is integrated into our wider risk

management process. Under our risk

management framework, climate

change is categorised as an emerging

risk. It is assessed, reviewed and

managed as part of our standard risk

management process, which includes it

being considered by the Risk

Committee at each meeting.

Climate change is also recognised

asasubrisk of the principal risks of

inadequate response to major incidents,

inability to attract and retain key talent,

reliance on key partnerships, market risk

and economic instability, and so receives

additional focus as part of managing

these risks.

We identify climate risks and

opportunities through external

analysisand input from experts,

internal workshops, peer-group

discussions and ongoing horizon

scanning of external trends and

internal data. We review our impacts

every one to three years, depending

ontheir severity and time horizons.

We model impacts in different

regionswhere appropriate and

practical: for example, where physical

risks or customer sentiment vary

according to location. As the model

isbased on a series of estimates

andassumptions, the value at risk

identified is sensitive to changes

inthese assumptions.

Metrics and targets

The most significant and relevant

metrics we use to assess the

management of climate-related risksare:

• Meeting our Science Based Targets.

These are currently to reduce scope

1 and 2 emissions by 55% by 2030

and reduce scope 3 emissions by

20% from a 2017 baseline. These will

be updated in 2026 to reflect

business changes, including the

impact of new business

combinations and additions

• Delivering on the climate-related

goals within FasterForward, which

include reducing and compensating

for our carbon emissions,

maintaining CarbonNeutral

Company certification and working

towards net zero. Our progress is

described on page 32.

We also monitor how we perform

against peers and best practice through

the Climate Disclosure Project’s analysis

(CDP) and the S&P Global Corporate

Sustainability Assessment, which

include elements of performance on

climate change-related matters.

As part of our involvement with the Net

Zero Carbon Events initiative, we are

collaborating on the creation of event

industry-relevant metrics and reduction

programmes, which we expect to

incorporate into our monitoring

whenestablished.

Where to find key information

More detail

Governance: Board oversight of climate-related risks and opportunities Page 7, Climate Impacts Report

(CI Report)

Governance: Management’s role in assessing and managing climate-related risks and opportunities Page 7, CI Report

Strategy: Short, medium and long-term climate-related risks and opportunities Pages 9 to 16, CI Report;

Page 74 in this report

Strategy: Impact on business, strategy and financial planning Pages 9 to 16, CI Report;

Page 74 in this report

Strategy: Impact of different scenarios on business, strategy and financial planning Page 75 in this report

Risk management: Processes for identifying and assessing climate-related risks Page 16, CI Report;

Pages 76 in this report

Risk management: Processes for managing climate-related risks Pages 17 and 18, CI Report

Risk management: How these processes are integrated into overall risk management Pages 17 and 18, CI Report

Metrics and targets: Metrics used to assess climate-related strategy, risks and opportunities Pages 19 and 20, CI Report

Metrics and targets: Scope 1, scope 2 and scope 3 greenhouse gas emissions and related risks Page 21 in this report;

Pages 12 and 13 in the 2025

SustainabilityReport

Metrics and targets: Targets used to manage climate-related risks and opportunities

andperformance

Pages 19 and 20, CI Report;

Pages 11 and 12 in the 2025

SustainabilityReport

Strategic Report

Informa Annual Report and Accounts 2025

Non-financial and sustainability information statement

Below are cross-references to information about how we manage the non-financial and climate-

related matters set out in Section 414CA(1) of the Companies Act 2006, along with further details.

Key policies are available on the Informa website.

Our business model:

See pages

10 and 11

Our principal risks and how

we manage risk:

Risk report

pages 62 to 70

Non-financial key

performance indicators:

KPIs

page 21

References and explanations

to amounts included in our

annual accounts:

Group Finance

Director’s review

pages 48 and 49

Colleagues:

Making the most of great

talent, pages 29 and 30

We have several policies that support

our culture and help us make the most

of our talent. Key is our Code of

Conduct, which sets out the standards

we expect from colleagues. It is

periodically reviewed by subject matter

experts, including HR and Compliance,

and approved by the leadership team.

Everyone acknowledges the Code and

completes training on it when they first

join, and there is refresher training at

regular intervals. Reports to HR,

Compliance and through our Speak Up

service, as well as our engagement

scores, are ways we monitor its

effectiveness. See page 21 for

moredetails.

Environmental matters:

Delivering on

sustainability

pages 31 to 33

We have several policies that help us

meet our sustainability goals. The

key one is the Sustainability Policy,

which covers the most impactful

areas for our goals, including energy

and waste efficiency in our offices.

Our Sustainability team works

closely with our property specialists

when they upgrade or take on new

offices to ensure adherence, and it

monitors performance by collecting

energy-related data annually – see

page 21 for more information.

Anti-bribery and anti-

corruption matters:

Audit Committee report

page 106

Our Anti-Bribery and Corruption

Policy sets out our standards. All

newstarters complete training on

the policy, with periodic refresher

training and further specialist

training for colleagues in

higher-exposure roles. We conduct

due diligence on higher-risk business

partners, including sales agents, and

investigate any reports of breaches,

terminating relationships where

breaches are found.

Social matters:

We aim to have a positive impact

andcontribute to the success of the

communities we work in and with.

Akey policy is our central Event Code

ofConduct, designed to enable all

attendees to enjoy and benefit from

our events through a focus on personal

and venue safety and security. We

monitor and manage compliance

through reports to our Speak Up

service, onsite operational teams,

andour health and safety incident

reporting tool. See page 69 for a

description of how we monitor and

report on health and safety.

Respect for human rights:

We support the UN’s Universal

Declaration of Human Rights. Our

Human Rights Policy sets out eight

key areas of human rights relevant

to how we work, including

responsible content and labour

practices, and how our colleagues

and business partners can uphold

them. Relevant subject matter

experts oversee the implementation

of standards in each area. Reports

through Compliance and the Speak

Up service are one way we monitor

their effectiveness.

Governance:

TCFD report

page 73

Identification,

assessment and

management:

TCFD report

page 74

Link to risk

management

processoverall:

TCFD report

page 76

Principal risks,

opportunities and

their time period:

TCFD report

page 74

Impact on and

resilience of business

model and strategy:

TCFD report

page 74

Targets:

TCFD report

page 76

KPIs:

TCFD report

page 76

Climate-related

financial disclosures,

risks and opportunities:

Informa Annual Report and Accounts 2025

Strategic Report G F A

Governance report

Governance

Contents

Informa’s Board

Board of Directors

Board review and activity

Chair’s introduction to governance

The Board’s year

Section 172 statement

Compliance with the UK Corporate

Governance Code 92

Committee Reports

Nomination Committee Report

Audit Committee Report

Directors’ Remuneration Report

109

Other governance information

Directors’ Report

124

Statement of Directors’ responsibilities

126

Governance

Informa Annual Report and Accounts 2025

Board of Directors

John Rishton

Chair

Appointed Non-Executive

Director in September

2016, Chair in June 2021

John brings significant

financial and international

commercial experience to

Informa. He was Chair of

theAudit Committee from

September 2016 until his

appointment as Board

Chairin June 2021.

John was Chief Executive of

Rolls-Royce Group PLC from

2011 to 2015, having been a

Non-Executive Director since

2007. His previous positions

include Chief Financial

Officer and then Chief

Executive and President of

Royal Ahold NV and Chief

Financial Officer of British

Airways PLC.

John is a Non-Executive

Director of Diageo PLC

andwill be appointed as a

Non-Executive Director and

Chair Designate of Imperial

Brands plc in July 2026,

taking up the role of Chair in

December 2026. He was

Chair of Serco Group PLC

until 31 December 2025 and

has also held non-executive

directorships at Unilever,

Associated British Ports,

Allied Domecq and Majid

AlFuttaim.

Stephen A. Carter CBE

Group Chief Executive

Appointed Non-Executive

Director in May 2010,

Group Chief Executive

inlate 2013

Before becoming Informa’s

Group Chief Executive,

Stephen was President and

Managing Director EMEA at

Alcatel Lucent Inc., Managing

Director and Chief Operating

Officer of ntl (now Virgin

Media) and Managing

Director then Chief Executive

of JWT UK & Ireland.

He was the founding

ChiefExecutive Officer

ofOfcom and both Chief

ofStrategy and Minister for

Telecommunications and

Media in the Government

of the former Prime Minister,

The Right Hon. Gordon Brown.

Stephen is a Non-Executive

Director of Vodafone PLC.

Healso represents Informa

on the Boards of Informa

TechTarget, BolognaFiere and

PA Media Group Limited.

Stephen was made a Life

Peer in 2008.

Louise Smalley

Senior Independent Director

Appointed October

2021,as Remuneration

Committee Chair in

January 2022 and as

Senior Independent

Director from

1December2024

Louise has extensive

experience of branded

consumer propositions and

a deep understanding of

talent management and

remuneration within large

UK and international

corporations. She attended

the Cambridge Institute for

Sustainability Leadership

and has experience

integrating sustainability

strategies.

Louise servedas Whitbread

plc’s Group HR Director,

where she was also an

Executive Director for nine

years, having held HR

directorships within

Whitbread’s Hotels &

Restaurants and David Lloyd

Leisure divisions. Before

joining Whitbread, she

worked in human resources

at Esso and BP Oil.

Louise is a Non-Executive

Director at AG Barr plc and

was a Non-Executive

Director at DS Smith plc until

September 2024.

Gareth Wright

Group Finance Director

Appointed July 2014

Gareth has considerable

experience in senior

financial roles across

multiple UK public

companies.

He joined Informa in 2009

and has held a variety of

positions within the Group,

including Deputy Finance

Director and Acting Group

Finance Director, before

being appointed as Group

Finance Director in July 2014.

Gareth also chairs our

RiskCommittee.

Before joining Informa,

Gareth held a variety of

roles at National Express plc,

including Head of Group

Finance and Acting Group

Finance Director. He

qualified as a chartered

accountant with Coopers &

Lybrand (now PwC).

Nomination Committee

Audit Committee

Remuneration Committee

Committee Chair

Member

Informa Annual Report and Accounts 2025

GovernanceS F A

Board of Directors continued

Gill Whitehead OBE

Non-Executive Director

Appointed August 2019

and as Audit Committee

Chair in June 2021

Gill brings significant

experience in the technology

and media sectors to

Informa. She is a member of

the UK Government Digital

Service’s Responsible AI

Advisory Panel and Visiting

Policy Fellow at the

University of Oxford’s

Internet Institute, focusing

on global developments in

online and AI safety.

From April 2023 to late 2024,

Gill was Group Director of

Online Safety at Ofcom and

Chair of the Global Online

Safety Regulator Network

for 2024. Before that, from

2021 to early 2023, she was

Chief Executive of the Digital

Regulators Forum, a

collaboration between the

UK’s largest regulators.

Gill spent four years as a

Senior Director atGoogle,

leading its Market Insights

and Client Solutions &

Analytics teams, and also

worked at Channel Four

and BBC Worldwide.

She began her career at

Deloitte Consulting.

Gill is a Non-Executive

Director of NatWest Group

plc and the British Olympic

Association, and Chair of the

Women’s Rugby World Cup

(England) 2025.

Maria Kyriacou

Non-Executive Director

Appointed July 2024

andas Non-Executive

Director responsible for

colleague engagement

inDecember 2024

Maria has extensive

leadership experience in

theglobal entertainment

market and listed

corporates, and is a qualified

chartered accountant.

Between 2020 and 2024,

Maria was President of

Broadcast & Studios for

International Markets at

Paramount Global and led

itsoperations in Australia,

UKand Israel, including

allfree-to-air, pay and

streaming brands. She spent

nearly ten years at ITV plc,

latterly as ITV Studios’

President, International.

Earlier in her career, Maria

worked for The Walt Disney

Company in finance, sales,

portfolio development and

commercial roles, including

as Senior Vice President

forDigital Media

Distribution EMEA.

Maria was appointed as

Chair of the Supervisory

Board at ProSiebenSat.1

Media SE in May 2025 and

has previously held Non-

Executive Director positions

at Wizz Air Holdings plc and

Fat Face Limited.

Joanne Wilson

Non-Executive Director

Appointed October 2021

Joanne brings strong

andcurrent financial and

operational experience to

theGroup.

Joanne is Chief Financial

Officer of WPP PLC with

responsibilities spanning

finance, enterprise

technology and real estate.

She was previously Chief

Financial Officer of Britvic

PLC, where she was

responsible for strategic

planning, investor relations

and IT, and also chaired

Britvic’s ESG Committee.

Joanne was formerly the

ChiefFinancial Officer at

dunnhumby, a customer data

science specialist and part of

the Tesco Group, having held

a range of international and

domestic financial and

commercial roles at Tesco.

She qualified as a chartered

accountant with KPMG before

transferring to Hong Kong

towork in its Corporate

Finance practice.

Zheng Yin

Non-Executive Director

Appointed December 2021

Zheng brings significant

senior executive experience

to the Board, providing

valuable local insights into

macro-economic and

commercial trends in China

and Asia, a significant

trading region for Informa.

Zheng is Executive Vice

President for China and East

Asia at Schneider Electric SE,

having previously held senior

business development and

strategy roles within the

Group. Before joining

Schneider Electric, Zheng

was Head of Business

Development for China for

Phillips and held senior

positions within Dow Jones

and Reuters in the US, Hong

Kong and Mainland China.

Governance

Informa Annual Report and Accounts 2025

A Men – 54.55%

B Women – 45.45%

A British – 8

B British/Cypriot – 1

C American – 1

D Chinese – 1

A 0-3 years – 3

B 3-6 years – 3

C 6-9 years – 1

D 9 years + – 1

Board composition

Ethnicity

Gender

Tenu re

Non-Executive

Director tenure

Andrew Ransom

Non-Executive Director

Appointed June 2023

Andy brings extensive

current international chief

executive experience to the

Board, including a track

record of leading successful

product innovation and

digital transformation

andofdeveloping a

high-performance culture.

He hasmore than 30 years’

experience of creating value

through global mergers and

acquisitions and engaging

with stakeholders.

Andy has been Chief

Executive of Rentokil Initial

plc (Rentokil) since October

2013, having joined the

company in 2008 as

Executive Director of its

global Pest Control business.

Andy will step down as CEO

and Executive Director of

Rentokil on 16 March 2026.

Before joining Rentokil,

Andywas a member of the

executive management

team at ICI.

Andy is a patron of Malaria

No More UK.

Patrick Martell

Group Chief Operating Officer

Appointed March 2021

Patrick has significant

experience of B2B markets

anda track record of leading

businesses through both

digital transformation and

mergers and acquisitions.

Patrick has been Group

ChiefOperating Officer since

2018 and Chief Executive of

Informa Markets since 2023.

Between 2014 and 2022, he

was ChiefExecutive of

Informa Intelligence, leading

that division’s return to

growth through technology

and product investments

and improving operational

efficiency, before its

successful divestment.

Patrick was previously Group

CEO of St Ives, where he led

itssuccessful restructuring

andrepositioning.

With effect from 1 March

2026, Patrick stepped down

as an Executive Director of

the company in order to take

up the role of Board Chair

of Informa TechTarget. He

will continue to act as Group

Chief Operating Officer

and as Chief Executive of

Informa Markets.

Catherine Levene

Non-Executive Director

Appointed November 2024

Catherine is an

entrepreneur, executive and

Director with more than 25

years’ experience in the

digital and traditional media,

e-commerce and publishing

industries. She brings

additional experience in

technology, digital media

and publishing to the Board.

Catherine was President

ofMeredith Corporation’s

National Media Group

business, before it was

acquired by IAC’s Dotdash

in2021, having previously

held roles as Chief Strategy

Officer and Chief Digital

Officer. She co-founded

Artspace Marketplace, a

leading online marketplace

for contemporary fine art,

and spent almost a decade

at The New York Times in

abroad range of product,

business development

andstrategy roles for its

digital division.

Catherine is a Non-Executive

Director of Pitney Bowes,

Inc., AD.net, U.S. News &

World Report, and National

Public Radio, Inc.

Nomination Committee

Audit Committee

Remuneration Committee

Committee Chair

Member

Informa Annual Report and Accounts 2025

GovernanceS F A

Supporting

growth

Chair’s introduction to governance

As Informa focuses on making the most of the

positionit has built over the last decade, the Board

hassupported the leadership and the business as

itcontinues its pursuit of growth.

Thanks to a huge amount of hard work,

focus and dedication from colleagues

everywhere, Informa had another

successful year in 2025. The company

continues to have clear and compelling

growth opportunities looking forward

too, as set out by the leadership team

at our 2025 Capital Markets Day. As a

Board, we’ve seen these opportunities

with our own eyes all over the world

and met many of its stakeholders.

I’ve particularly enjoyed meeting

customers at various events and

hearing their overwhelmingly positive

feedback. The quality of our products

and services contributed to Informa

being named one of Britain’s Most

Admired Companies in early 2026: an

excellent and well-deserved recognition

for everyone involved in the business.

As global markets continue to be

unpredictable and ask new questions

of companies in every sector, Informa

and its businesses stand ready to

offernew and existing customers the

expert and trusted research, industry

connections, specialist insights and

experiences that they need to move

forward. Having worked hard in the

past decade to build our position

through organic growth, adding brands

and combining with other businesses,

this year’s effort has largely gone into

making the most of this strength,

continuing to increase the quality of

the business to benefit customers,

shareholders and colleagues. The

Board’s focus this year reflects that.

This is the remit of the One Informa

programme, which began in earnest

this year, and which the Board has

followed closely.

Equipping our people

tosucceed

Internally, one aspect of the programme

addresses the experience that our

colleagues have within Informa, making

sure they have the right tools to get

things done as efficiently as possible,

aswell as giving them opportunities to

excel in their careers.

A good working experience has a

positive impact on culture. The Board

takes a close interest in this aspect,

because motivated, committed

peopleare the beating heart of any

business. I’ve seen for myself a quite

extraordinary level of professionalism

and dedication from our colleagues,

whether they’re developing our brands

or setting out the vision for the future

of their part of the business at a

strategy meeting. Everywhere I go, I

see people’s enthusiasm manifesting

in different ways, from focusing on

deepening the engagement with

customers, to working with key

suppliers, to safety, and a passion

for sustainability initiatives such as

Better Stands.

Governance

Informa Annual Report and Accounts 2025

This all-round commitment comes

through again this year as shown in

participation levels for Pulse surveys

and colleagues’ overall engagement in

the business, both of which would be

the envy of any leading business. It is

also pleasing to see growth in internal

mobility. This is a strong indicator that

people are more able than ever to have

fulfilling careers at Informa.

In 2025, we invested in AI development

and deployment acrossthe Group, and

oversaw the management of risks

associated with this area. A key

milestone overseen was the launch of

Informa’s AI capability through Elysia.

Elysia is designed to empower

colleagues and teams to do more, do it

faster and do itbetter. The steady

stream of new capabilities and

applications as Elysia has been further

developed has been exciting to see. As

a Board, we will monitor progress and

developments closely in the coming

year, as the business continues to

explore the possibilities and roll out

enhancements to this fast-evolving tool.

Making the most of

Informa’sstrengths

Looking externally, One Informa

alsofocuses on the experience of our

customers. The better that experience is,

the more likely customers are to wantto

deepen their relationship with Informa.

The Board has taken a close interest in

the new Informa Festivals business, which

focuses on events with experiences at

their heart. It was exciting and fascinating

to see first hand this business’s flagship

festival, Cannes Lions, for example, and to

feel the buzz it generated. It takes

multifaceted expertise to deliver this level

of impact, and as a Board we support the

ambition to build this type ofexperience

into other Informa brands, be they

transaction-led or more content-led

events.

One Informa is also about making the

most of our brands. One very tangible

way to do this is to introduce brands with

a strong presence in one territory to new

regions. As such an international

business, we now have a great ability

todo this. For the Board, the continued

success of our pharmaceutical industry

brand, CPHI, since its launch in the

Middle East in 2024 is a good example

ofthis ability in action and demonstrates

the potential to make even more of

Informa’s strengths.

Supporting our leadership

team and business

On behalf of the Board, I want to thank

Stephen and the leadership team for

their work in 2025. They continue to

guide the business with as much energy

as ever. This includes being present and

visible where our business is most

active, from Turkey and Thailand to New

York and Cairo. As a Board, we’ve once

again had a constructive, positive

relationship with Informa’s leaders.

This also applies to our engagement

with the business as a whole. Whether

it’s supporting the new Informa

TechTarget business in its foundation

year, discussing plans of our Taylor &

Francis academic publishing business,

or leading sessions at town halls in

New York, we’ve listened to and shared

our experience with colleagues at

alllevels.

Following the addition of businesses to

the portfolio in 2023 and 2024, in 2025,

the company focused more on how to

get the most out of those businesses

and our wider portfolio, having built

real market strength over the last

decade. The Board has strongly

supported this focus and been involved

in discussions about different growth

initiatives and partnerships, including

the strategic partnership with the Dubai

World Trade Centre that formally came

into effect in January 2026. Our ongoing

growth ambitions have figured in our

discussions on capital allocation as we

look to manage Informa’s leverage

appropriately, while continuing

toreward our investors

andpursueopportunities.

As we do each year, the Board also

spent time making sure the business

has robust succession plans in place,

including plans for my own succession

as Chair, discussed in more detail

onpage 97.

Looking ahead to 2026

Supporting Informa’s growth and

operations will be one of our key

interests as a Board in 2026, as it

always is. We’ll also continue to

monitor other issues, from managing

cyber risk to safeguarding our

colleagues, customers and contractors

by minimising health and safety risk

through ongoing improvements to

awareness and reporting. As well as

this, we’ll continue to prepare for the

introduction of provision 29 of the UK

Corporate Governance Code around

the Board’s monitoring of risk

management and internal controls.

In the coming year, we’ll also discuss

the renewal of Informa’s sustainability

strategy, FasterForward. It’s already

led to real success in important areas

such as reducing waste and making

relevant sustainability content part

of all our brands. In 2026, we’ll update

our targets for the next phase of

FasterForward, as the business

continues to make good progress in

reducing its carbon impact and waste.

In this, as in everything it does,

IexpectInforma to continue to draw

onthe enterprise, innovation and

professionalism that have brought the

business this far, and that promise

even greater rewards.

John Rishton

Chair

11 March 2026

Informa Annual Report and Accounts 2025

GovernanceS F A

The Board’s year

We continued to engage with our

stakeholders, including shareholders,

colleagues, customers and partners,

and to track operational improvement

programmes. We also stayed closely

connected with Informa’s individual

businesses as well as key topics of

interest such as AI and cyber security.

Given Informa’s international reach,

we’ve seen operations in all regions

atfirst hand, whether as a full Board

orindividually. This gives us valuable

insights into Informa’s products

andmarkets, the views of customers,

suppliers and colleagues, and its culture.

In 2025, Informa continued to

evolveand expand, integrating new

businesses and supporting existing

ones as they advanced their growth

strategies. The Board played an active

role throughout the year, providing

insight, guidance and oversight to

ensure these developments aligned

with the Group’s long-term objectives.

Supporting new businesses

Two of the most significant developments

from late 2024 and early 2025 were the

launch of the Informa Festivals business,

which includes colleagues and brands

brought on board from the acquisition

ofAscential, and the combination of

some of our businesses with TechTarget

to form Informa TechTarget. During the

year, we therefore spent time with these

new parts of Informa, monitoring

integration activities and understanding

their operations.

The Board has been closely following

the development of Informa Festivals,

recognising the importance of

experiential and experience-led events

as an important source of growth for

Informa. In June, we hosted our 2025

AGM in France in order for the Board to

participate in the Cannes Lions Festival

of Creativity. Given the importance

ofthis international showcase for the

creative, technology and marketing

industries, and its importance to the

Informa Festivals division, we felt it was

valuable for the Board to spend time

with the LIONS and wider Festivals

team. At the same time, we met

colleagues from our Prestige business

to stay up to date on developments in

the specialist Luxury and Lifestyle

market it serves.

Various Board members met with the

management team of Informa

TechTarget in Boston in 2025, sharing

their experience of the digital and data

services market and lending their

support as the new business worked to

establish itself as a combined company

and return to growth.

Engaging with high-growth

regions

We also spent time in Informa’s highest-

growth regions, such as the Middle East.

This gave us insights into the company’s

opportunities, informing the advice and

challenge that we provide. As a Board,

we approved the proposed partnership

with the Dubai World Trade Centre and

continued tofollow developments

closely in thelead-up to the launch in

early 2026of inD: a partnership that

brings together two of the region’s

leading B2B events businesses to

create aplatform for further growth.

Deepening insights across

keymarkets

In New York, we also held rapid

deep-dive sessionswith the teams

behind our most important North

American businesses. The detailed,

real-world insights they provided

helped us have better-informed and

more productive conversations at

ourannual strategy meeting.

In 2025, the Taylor & Francis Academic

Markets business advanced its plans

toevolve its operating model, including

restructuring teams to focus on

customer segments where we have the

most potential to expand, such as the

corporate market. We supported these

developments, meeting with CEO Penny

Ladkin-Brand and her leadership team

to understand the business’s evolving

direction and to offer our input.

Through these engagements, the

Board remained close to Informa’s

evolving businesses, ensuring that

our decisions and guidance remain

grounded in a deep understanding of

the Group’s operations, opportunities

and challenges.

Staying close to our evolving business

For the Board, 2025 was another busy year of overseeing

Informa’s performance, commercial success and operations,

and working closely with the leadership team.

Governance

Informa Annual Report and Accounts 2025

Engaging with stakeholders

As a Board, one of our most important

roles is engaging with the company’s

stakeholders, including colleagues,

customers, partners and investors.

This engagement helps us make

better-informed decisions that

consider different points of view

andthe implications for each group.

Regular communication also gives

our key partners another way to

share their views and sustains their

confidence inthe business.

For more details about Board decisions

in relation to different stakeholder

groups, see our Section 172 statement

on page 88 and the Directors’

Remuneration Report frompage 109.

Board members spent consistent time

with colleagues during the year, through

strategy meetings, events and town

halls. Maria Kyriacou and Louise Smalley

held a small group roundtable with

colleagues from Informa Festivals as a

check-in on our newest business, and

together with our Chair, attended the

Informa Awards, to present an award.

John Rishton attended a town

hallinHong Kong, which coincided

withattending our Hong Kong Jewellery

& Gem event and meeting government

officials to discuss the impact of live

events on the local economy. Several

Board members also attended the AI

Summit in London and Money20/20

event in Las Vegas, taking the

opportunity to meet customers and

colleagues, including those participating

in the Showmakers programme.

Following a town hall in New York

inOctober, Board members led

discussion groups focused on topics that

are particularly important to Informa

and colleagues, such as the rollout of

theOne Informa programme, the role

ofAI in product innovation and career

development. Colleagues were able to

hear our viewson Informa’s growth

prospects and our experience from

outside of thecompany, and wealso

received insights into our colleagues’

perspectives on these areas.

Informa has grown and transformed

in the past decade, and its priority

now is to make the most of this

growth and the investments of

recent years. Thisis the purpose

ofthe One Informa programme.

By helping the business to improve our

customer proposition and operate as

efficiently as possible, the programme

is a key part of positioning Informa for

further growth and development.

As a Board, we continued to support

theleadership team as it laid the

groundwork for One Informa in 2024,

and we followed progressclosely as it

moved from planning to delivery in

early 2025.

Drawing on our collective experience of

managing growth in other businesses,

we’ve had regular updates on progress

across all four focus areas: marketing,

brand, customer experience and

colleague experience. In particular, we

explored how the programme could

create new ways for divisions to work

together, creating new opportunities for

shared success and driving efficiencies.

We also discussed other developments

including simplifying technology,

enhancing customer engagement

andsupporting colleagues’

careerdevelopment.

These efforts are designed to ensure

that One Informa not only delivers

operational improvements but also

strengthens the Group’s culture and

capabilities, enabling it to continue

delivering value for all stakeholders.

Overseeing

One Informa

Informa Annual Report and Accounts 2025

GovernanceS F A

The Board’s year continued

Focusing on people

and culture

A positive working culture is a

cornerstone of a growing, high-

performing business. The Board

therefore keeps a close eye on

colleague sentiment, because this

isan indicator of the overall health

of thebusiness. We receive regular

updates on people and talent,

including recruitment, retention

andtraining, as well as updates

oninclusion and diversity.

We monitor culture through a range

ofdata points including insights

fromthe annual Pulse engagement

survey and reports, to the Speak Up

whistleblowing service. In 2025, over

12,000 colleagues took part in our

Pulse survey, contributing more than

50,000 comments. Engagement scores

were strong overall, with consistent

and high scores from our established

businesses, while newer areas and

those in transition were more mixed.

We have supported the leadership

team in looking into these differences

further and responding to the

questions raised.

We also receive regular updates on

compliance and governance matters,

including the company’s annual

Modern Slavery Act Statement,

whichwereviewed and approved.

The Board is encouraged by the

company’s continued focus on

fostering a strong workplace culture.

Efforts to encourage internal mobility

led to internal candidates filling 44%

ofopen roles in 2025 and we also

supported the launch of The Campus

learning platform featuring an AI-led

career coach to help colleagues explore

development opportunities and

advance their careers.

As Board members, we welcome the

chance to get first-hand insight into

Informa’s culture by seeing individual

parts of the business for ourselves and

meeting colleagues. These interactions

consistently highlight the dedication,

professionalism and customer focus

ofcolleagues across all locations. This

clear commitment to their roles and to

delivering for customers is a testament

to the strength of Informa’s culture and

its people.

AI represents significant

opportunities forInforma, offering

the potential to enhance efficiency,

innovation and growth across the

business. It’s being embraced across

the business, and we are also mindful

of, and managing, relevant risks

appropriately, whether by keeping

our data and intellectual property

secure or by complying with the

constantly evolving regulations.

As a Board, we helped the business

tostrike a balance between the two,

with a perspective rooted in individual

Board members’ experience and

expertise, both in technology and

other businesses. This is important

inmaking sure that the company

continues to be ambitious in using

AIto pursue its strategy.

In 2025, we monitored the launch

andexpansion of Informa’s proprietary

AI capability, Elysia, which empowers

colleagues and teams get more done,

faster, while limiting the risk of data

loss through public AI tools. This

included exploring the expected

benefits for our colleagues

andcustomers.

Through the Audit Committee, we also

oversaw developments such as the

company’s AI governance programme,

including the establishment of the AI

Council. This Council provides a

structured framework for managing AI

across the business, ensuring that its

use is ethical, secure and aligned with

Informa’s values and strategic priorities.

Advancing

the possibilities

of AI

Monitoring

cyber security

Cyber security continued to be a

focusin 2025, reflecting the increased

complexity and frequency of cyber

threats. As a Board, we received

regular updates on Informa’s

effortsto mitigate cyber threats

andmake its systems more resilient.

These efforts included measures

suchas penetration testing, attack

simulations and ongoing

improvements to security protocols.

After a UK Government request to large

organisations, the Board also reviewed

the company’s position to make sure

wefollow the principles of the Cyber

Governance Code of Practice and signed

up to the National Cyber Security

Centre’s Early Warning service. As part

of this, the Board also confirmed we

require vendors to follow cyber security

standards such as Cyber Essentials.

For more about how our Audit

Committee monitored the business’s

work on cyber, see page 104.

Governance

Informa Annual Report and Accounts 2025

As set out in the 2024 Annual Report,

in light of the Board appointments

during the second half of 2024,

theexpected completion of the

Ascential acquisition and the

combination with TechTarget, the

externally facilitated Board review

was postponed until 2025.

Russell Reynolds was appointed to

undertake this review, which was

focused on making sure the Board was

operating at its most effective, and that

it possessed the right skills and

capabilities, was aligned with Informa’s

strategy, supported management’s

ambitions and represented the interests

of shareholders and other stakeholders.

As part of the review, all Directors and

the Company Secretary completed a

confidential online survey. In-depth

one-on-one interviews followed to

explore in more detail their views of

strategy, challenges and opportunities,

governance arrangements and

processes, Board composition and

contributions, as well as the way in

which the Board functioned overall.

Thefinal report was reviewed and

discussed in December 2025.

The overall findings from the review

confirm that Informa has a highly

effective and high-performing Board.

The results reflect the alignment

among the Directors, who recognise

the Board’s distinctive strengths and

its collective impact.

The review identified a number

ofstrengths, including:

• The Board worked well together

andhas a highly engaged, collegiate

culture, which is closely aligned with

that of the business.

• The leadership team view the Board

as approachable, and Directors

consistently participate in key

eventsand receive broad

enterprise-wide exposure.

• The Chair fosters an open and

inclusive culture, ensuring that both

Executives and Non-Executive

Directors are engaged and

empowered to contribute and

challenge when required. Each

Director is deeply committed to

investing the time and energy

necessary to support strong

governance and contribute to the

ongoing success of the business.

• There is a robust and mutually

respectful relationship between the

Chair and Group Chief Executive.

• There is an appropriately diverse

representation on the Board in terms

of experiences, capabilities and

background, with members

contributing well.

• The Committee Chairs are held in

high regard by fellow Board and

Committee members, and each

Committee operates well.

• Board operations are effective, with

a supportive secretariat. Meetings

focus on discussion rather than

presentations. Onboarding and

exposure to the business were

considered to be best practice.

The review identified certain areas for

development that include a continued

focus on future opportunities for

growth, ensuring the culture of

constructive challenge continues and,

when appropriate, using external

presenters to look at emerging trends

and technologies.

Separate to the external effectiveness

review, the Senior Independent

Director led the review of the Chair’s

performance during the year. The

outcomes strongly reinforced the

findings of the external effectiveness

review, especially with regard to

fostering an open and inclusive culture.

Board members appreciate the Chair’s

guidance, feedback and receptiveness

to different perspectives. He continues

to invest considerable time outside

Board meetings to gather insights and

foster relationships with colleagues

across the Group, with external

partners and with stakeholders.

As a result, the unanimous view

isthatthe Chair continues to be

highlyeffective and provided strong

leadership to the Board, the leadership

team and the Group throughout 2025.

Board performance review

Board attendance

Director Board

Audit Nomination Remuneration

John Rishton

8/8 – 1/3 –

Stephen Carter 8/8 – – –

Gareth Wright 8/8 – – –

Patrick Martell 8/8 – – –

Louise Smalley 8/8 – 3/3 4/4

Maria Kyriacou 8/8 4/4 3/3 –

Catherine Levene

7/8 – 3/3 3/3

Andy Ransom 8/8 – 3/3 4/4

Gill Whitehead 8/8 4/4 3/3 –

Joanne Wilson 8/8 4/4 3/3 –

Zheng Yin

7/8 – 3/3 4/4

1 Excluding meetings held at short notice or Board Sub-Committee meetings

2 Catherine Levene was unable to attend a meeting in January 2025 due to a diary clash in place

before her appointment

3 Zheng Yin was unable to attend a meeting in April 2025 due to the date being changed at short notice

4 John Rishton did not attend the Nomination Committee meetings which related to the

Chair‘ssuccession

Informa Annual Report and Accounts 2025

GovernanceS F A

Section 172 Statement

Informa’s success is based on creating benefits for all

stakeholders. The Board fully considersstakeholder interests

in order to make sure the company is wellpositioned for the

long term as well as the near term.

Our approach

At Informa, we are committed to

fulfilling the responsibilities outlined in

Section 172 of the Companies Act 2006,

which requires the Directors to act in a

way that promotes the success of the

company for the benefit of its members

as a whole, while also considering the

interests of other stakeholders such as

colleagues, partners, customers and

suppliers. The general principles in the

legislation are intrinsic to how Informa

thinks and operates, and these are

firmly embedded in our culture.

The way we work as a Board reflects

this commitment. Guided by the Chair

and supported by the Group Chief

Executive, we ensure that each Board

meeting is structured to encourage

diverse perspectives and robust

discussions. This ensures that each

Director can share their different

perspectives and contribute to the

Board’s overall decision making.

Informa’s Directors are appointed for

the strength and diversity of their skills

and experience, including their recent

and relevant executive and non-

executive experience. This helps bring

a breadth of views and insight to our

decision making and ensures that we

remain attuned to the evolving needs

of our stakeholders.

The Non-Executive Directors spend a

considerable amount of time in and

around the business and, as described

on pages 84 to 86, they regularly engage

directly with colleagues. We also engage

with customers and business partners

when the opportunity arises – whether

at Informa’s events or during the

formation of new partnerships.

Presentations and management

reports also give us insight into

current stakeholder interests, and

we take these into account when

making decisions that align with our

long-term strategy.

The Board holds annual strategy

meetings, where the divisions present

their three-year plans for review,

debate and approval. These reviews

consider capital investment, the Group

budget, investor returns and future

resourcing requirements. Informa’s

leadership team continues to follow a

consistent strategy to accelerate

growth and deliver long-term benefits

for investors and other stakeholders.

Our principal decisions in 2025

The whole Board takes business decisions collaboratively with

input from members of the leadership team. Certain topics, such

as approving significant transactions, key financial decisions, and

the Group’s long-term objectives and commercial strategy, are

reserved for the Board’s approval. These reserved matters,

detailed on our website, reflect the importance we place on

collaborative and informed decision making.

Opposite are two examples of decisions we took as a Board during

the year and they help illustrate our approach to Section 172.

Background

In March 2025, Informa

announced a strategic

partnership with DWTC,

combining our B2B Events

business in the United Arab

Emirates and broader IMEA

region with DWTC’s B2B events

business. This partnership was

designed to create greater scale

and unlock new opportunities

in one of the world’s fastest-

growing markets for B2B

events, reinforcing Informa’s

commitment to driving growth

and innovation in the region.

Approving inD – a strategic

partnership with the Dubai

World Trade Centre (DWTC)

Balancing capital

allocation decisions

Background

We recognise the importance of

balancing the interests of our

key stakeholders – investors,

colleagues and customers –

when making decisions on

capital allocation. Our capital

allocation framework is

designed to deliver sustainable

growth and consistent returns,

combining organic investment

into the business, progressive

dividends for shareholders,

inorganic investment

opportunities and an annual

commitment to share

buybacks. This approach

ensures we remain agile,

resilient and focused on

creating long-term value.

Governance

Informa Annual Report and Accounts 2025

Decision

The decision to approve this partnership

was the result of a thorough and

collaborative process by the Board. We

carefully reviewed the businesses that

were contributed by both parties,

alongside the governance principles for

the combination. This included

evaluating the key reserved matters, and

the short- and long-term effects on our

customers, suppliers and colleagues.

To ensure the partnership was

structured for success, the Board

established a sub-committee to

approve the final terms, which it did

before the announcement on 6 March

2025, with completion taking place on

19 January 2026.

Following initial approval, the Board

received regular updates on progress

towards completion, including:

• Day One readiness: This included

approving an internal reorganisation

of the brands and other assets that

would form part of inD

• Leadership appointments:

Reviewing the brief for the role of

inDChief Executive Officer and

leadership team appointments

• Brand identity: Agreeing the

partnership’s brand identity to

ensure that it reflects its regional

ambition and regional focus.

We were satisfied that the partnership

would provide colleagues and

customers with greater opportunities.

It was also confirmed that there would

be no change to the employment terms

for any inD colleague as a result of the

combination of the businesses,

ensuring stability and continuity

fortheteam.

Outcome

This strategic partnership strengthens

the relationship with the DWTC and

positions us to capitalise on the growing

demand for B2B events in the IMEA

region. Colleagues will also benefit

fromenhanced career progression

opportunities, while our customers will

benefit from expanded venue capacity

and long-term growth opportunities.

As a Board, we are confident that the

partnership will drive regional growth

and strengthen Informa’s position as

aglobal leader in B2B live events.

Colleagues

Partners

Customers

Investors

Colleagues Customers

Decisions

In 2025, the Board undertook a series

of discussions to address key capital

allocation priorities, including the

€700m of EMTN borrowings that were

due to mature in October 2025. This

included considering:

• the state of the debt capital market

and its potential volatility.

• the uncertain geopolitical

environment and its impact on

financial planning.

• the business’s ongoing capital

expenditure requirements.

• the financial headroom available if

the maturity was financed without

raising new debt.

We also reflected on the timing and

appropriate size of any new EMTN

issuance, should we decide that this

would be the most appropriate way of

financing the maturity.

After careful consideration, in May,

weagreed that the company should

undertake a new EMTN issuance,

raising €700m in the EMTN markets

inearly June. These borrowings fully

financed the October maturity.

In addition to addressing debt

maturity, the Board made several

decisions to deliver returns for

investors. In March 2025, we

recommended a 2024 final dividend of

13.6p per share (paid in July) and an

initial 2025 share buyback programme

of £200m. Later in the year, we

declared an interim dividend for 2025

of 7.0p per share in July (paid in

September) and increased the share

buyback programme by a further

£150m, taking the total commitment

for 2025 to £350m.

Outcome

We continue to be satisfied that our

capital allocation framework strikes the

right balance between balancing the

need for investment in the business and

to provide returns for our investors.

Issuing more EMTN borrowings to fully

repay the maturity provided continuity

in the Group’s debt capital strategy and

maintained financial flexibility. We also

continued with our stated progressive

ordinary dividend policy, and our share

buyback programme underscored our

commitment to delivering consistent

returns to shareholders.

We’re satisfied that our capital

allocation framework continues to be

appropriate and that the decisions

taken during the year positioned the

Group for continued growth while

balancing stakeholder interests and

maintaining financial resilience.

Informa Annual Report and Accounts 2025

GovernanceS F A

Stakeholder engagement

Board engagement during 2025

Large institutional investors hold most of Informa’s

issued share capital, mainly through ordinary

shares and a small American Depository

Receiptsprogramme.

Informa also has debt investors through its

EMTNissuances.

Board engagement

We meet investors first hand as part of the Chair’s

annual investor roadshow. In 2025, the Chair was again

joined at most of these meetings by Louise Smalley, our

Remuneration Committee Chair.

The Group Chief Executive and Group Finance Director

present our full-year and half-year financial results to

investors and meet institutional investors throughout

the year to discuss the business and respond to

anyconcerns.

The Chair joined the Capital Markets Day held in Dubai,

meeting investors and analysts.

The Director of Investor Relations provides an update

toeach Board meeting summarising industry news and

details of investor engagement and key trends. We also

regularly receive analyst and broker reports.

Impact of engagement

We consider the views and feedback from investors

andanalysts when we discuss the company’s capital

allocation plans, particularly regarding our share

buyback programme and dividend recommendations.

To allow shareholders to attend our AGM wherever they

are, we provided a livestream and electronic meeting

platform in 2025. This allowed our shareholders to follow

the meeting, ask questions and vote in real time.

Informa takes pride in maintaining close

relationships with key business partners, such

asjoint venture partners, major event contractors

and suppliers, and representatives from host cities.

Board engagement

Whenever we get the opportunity, we meet key partners

in person. In 2025, this included meeting business

partners, venue partners and city representatives in

North America, the Middle East, Europe and Asia.

The Group Chief Executive and Group Chief Operating

Officer also give us regular updates on key developments

with our business partners and major suppliers.

Impact of engagement

Through our engagement with business partners,

suppliers and representatives from the cities where

weoperate, we broaden our understanding of what’s

important for them and how Informa can offer support.

This deeper understanding informs our discussions of

future company strategy.

How we promote Informa’s success

How we consider the long term

For more than a decade, Informa’s leadership team has followed a consistent strategy to accelerate growth and deliver

long-term benefits for investors and other stakeholders. The general principles laid out in Section 172 are intrinsic to how

Informa thinks and operates, and are firmly embedded in our culture.

The One Informa programme will maximise the platform built in the past 10 years by investing in the customer experience,

the colleague experience and technology. More details about the programme’s progress are given from page 22.

The Board holds annual strategy meetings where divisions present their three-year plans for review, debate and approval.

These reviews consider capital investment, the Group budget, investor returns and future resourcing requirements.

Business partnersShareholders

Governance

Informa Annual Report and Accounts 2025

We have more than 14,000 colleagues working in over

30 countries around the world. Their specialist

knowledge and day-to-day contributions drive our

business, products and customer service. Engaging

with our colleagues and ensuring that Informa

provides opportunities to develop and retain talent

are our priorities.

Board engagement

For details of how the Board engaged with colleagues

during 2025, see pages 84 to 86.

The Group HR Director provides twice-yearly updates on

talent, culture, engagement and inclusion matters,

including the results of the annual Pulse survey.

Impact of engagement

Through our regular engagement with colleagues, and

byreceiving feedback from our annual Pulse surveys,

wecan better understand what matters most to our

colleagues. For example, at breakout sessions following

the New York town hall in October, we spoke informally

to colleagues about subjects such as AI deployment

within the business and career development.

Hearing this direct feedback, together with analysing the

results of the annual Pulse survey, allows us to monitor the

company’s culture and support senior leadership as they

continue to strengthen talent and development initiatives.

We have a large and diverse customer base.

What they all have in common is that they work in

specialist markets and need relevant, high-quality

knowledge and connections to help them do more

asprofessionals and businesses.

Board engagement

We meet customers first hand when we attend Informa

events. In 2025, this included speaking to our customers at

events in Europe, North America, the Middle East andAsia.

The Group Chief Executive provides regular performance

updates, with more information coming from divisional

CEOs during the year.

See page 85 for more details on the discussions at our

annual strategy meetings.

Impact of engagement

By meeting our customers face to face, and through

regular reports, we can monitor how the business is

responding to their needs.

Engagement with divisional colleagues also allows

ustomore fully understand customer trends in our

Academic Markets and B2B Live Events businesses.

This helps us to take better informed decisions in all

our businesses, especially around strategy and capital

allocation, to make sure that Informa invests in the

products and services that bring the most benefit to

our customers.

How we consider our operations and the environment

Sustainability is embedded into everything Informa does. The initial FasterForward programme, approved in 2020, has now

concluded and we will take time in 2026 to review and discuss the next stage of our sustainability programme. FasterForward

has directed our focus to the areas where Informa makes most impact. See pages 31 to 33 for more details of how we embed

sustainability in our operations.

How we consider business conduct

The Board sets the tone for Informa’s culture and lead from the top in the way that we engage with colleagues, customers

and investors, and consider stakeholders’ interests in our decisions. We review and approve policies that set out our agreed

guiding principles and accepted behaviours for all colleagues, including our Code of Conduct, which is supported by

mandatory training for everyone.

We also approve the company’s annual Modern Slavery Statement and the most recent of these is on our website.

Colleagues Customers

Informa Annual Report and Accounts 2025

GovernanceS F A

Compliance with the Code

Our Statement of compliance summarises how Informa has applied the principles of the 2024 UK Corporate

Governance Code (the Code), available at frc.org.uk, and how we have complied with its provisions. It should be

readalongside the Strategic Report on pages 4 to 77, and the Governance Report, including the Directors’

Remuneration Report, on pages 79 to 126.

The Board confirms compliance with the Code’s provisions for the year ended 31 December 2025, except for provision 19

(Chair’s tenure), which is detailed on page 93.

Board leadership and

company purpose

A. The Board’s role

The Board sets objectives, monitors

progress and ensures alignment with

business culture. Reserved matters are

approved by the Board, while others

are delegated to Committees or

Executive Directors. Board and

Committee papers are shared securely

before meetings, with updates

provided by Committee Chairs. The

business model and principal risks are

detailed on pages 10 and 11 and 65 to

70, respectively.

B. Purpose, values, culture

andstrategy

Informa’s purpose is to champion

specialists, connecting businesses and

professionals with knowledge that

helps them to learn more, know more

and do more. Each year, the Board

holds a multi-day offsite event to

review the Group’s strategy, when

members of the leadership team

present and discuss their forward-

looking plans. Informal meetings with

senior colleagues also help to foster

trust and build productive

relationships.

The Board also sets the tone for the

company’s culture, leading by

example and guided by the principles

in our Code of Conduct. Details of

how the Board monitors culture are

on page 86.

C. Governance reporting

The Board ensures that resources align

with objectives and that performance

is measured effectively. The Board met

eight times during 2025, and all

Directors continue to act in the best

interests of the company, consistent

with their statutory duties.

Details of the Board’s year are on pages

84 to 87, Board biographies are on

pages 79 to 81 and attendance

information is on page 87.

Potential conflicts of interest are

reviewed annually. No unresolved

concerns about the operation of the

Board or the management of the

company were raised during 2025.

D. Shareholders and stakeholders

The Board engages with all our

stakeholders, including shareholders,

colleagues, customers, business

partners and suppliers. The Board also

receives reports from the leadership

team about their own engagement,

feedback and actions.

The Chair, usually joined by the

Remuneration Committee Chair, again

held his annual shareholder roadshow

with major institutional investors.

Stakeholder engagement details can be

found in The Board’s year on pages 84

to 87, in our section 172 statement and

disclosures on pages 88 to 91 and in

the Directors’ Remuneration Report

from page 109.

E. Colleague policies and practices

Maria Kyriacou is our designated

Non-Executive Director for workforce

engagement, and during 2025, she

spent time with our HR and Inclusion

leaders to understand colleagues’

perspectives on life at Informa.

All our Board members engage and

spend time with different colleague

groups throughout the year. This year,

this included participating in town halls

and small group discussions, and

attending events such as the Informa

Awards and Walk the World.

Our Code of Conduct provides detailed

information on our commitments and

expectations regarding workplace

behaviour and practices. It applies to all

Informa colleagues, including Board

members, contractors, consultants and

business partners. Procedures are in

place to allow any colleague to report

concerns in confidence – either through

their line managers and senior

management, orthrough our

independent and confidential

whistleblowing service, Speak Up. This

service is also open tothird parties,

including suppliers andcontractors.

Governance

Informa Annual Report and Accounts 2025

Division of responsibilities

F. Board Chair

John Rishton has been Chair of the

Board since June 2021, and was

considered to be independent when

hewas appointed. As Chair, John is

responsible for leading the Board and

ensuring its effectiveness. During

Board meetings, he encourages each

Director to participate, fostering a

culture of openness and constructive

debate where diversity of thought is

valued and encouraged.

G. Board composition

The names and biographies of our

Board Directors are set out on pages

79 to 81 and are also available on

our website.

Our independent Non-Executive

Directors make up 70% of our Board,

excluding the Chair, and each remains

independent. No one person or small

group dominates the Board’s decision

making. The roles of the Chair and

Group Chief Executive are separate,

and each has clearly defined

responsibilities. The division of

responsibilities between members of

the Board is available on our website.

H. Non-Executive Directors

Our Non-Executive Directors provide

independent oversight and

constructive challenge to the

leadership team, helping to develop

proposals around strategy and

scrutinising the company’s

performance in meeting its agreed

goals and objectives. They provide a

balance of views in Board discussions

and offer strategic guidance and

specialist advice. The Non-Executive

Directors also meet regularly without

Executive management being present.

Our Senior Independent Director is

Louise Smalley who, in this role, acts as

a sounding board for the Chair and

serves as an intermediary for the

otherDirectors if necessary. The Senior

Independent Director also provides

anadditional point of contact for

shareholders and other stakeholders,

and leads the evaluation of the

Chair’sperformance.

As well as preparing for and attending

Board and Committee meetings, the

Non-Executive Directors spend time in

meetings or on telephone calls with the

Chair, the leadership team, colleagues,

stakeholders and advisers.

The Non-Executive Directors consult

the Chair if they are considering taking

on other significant appointments,

having thought about how another

appointment might affect their time

commitment to Informa. Details of the

approvals given during the year are on

page 96. With the Board’s approval, the

Executive Directors may accept one

other external non-executive

appointment and may keep any fees

paid to them. Members of the Board

may also be asked to sit on the boards

of joint ventures or other companies in

which the Group has an investment.

I. Policies and processes

All Directors have access to the advice

and services of our Company Secretary,

and can also take independent advice

relating to the performance of their

duties at the company’s expense. The

Company Secretary is responsible for

advising the Board on all governance

matters and supporting the Board to

make sure that the right policies,

processes, information and resources

are available to allow them to work

effectively and efficiently.

Composition, succession

andperformance

J. Board appointments

The Nomination Committee’s report on

its work during 2025 can be found on

pages 95 to 98.

The Nomination Committee is

responsible for overseeing Board

appointments, Committee

membership, Board and Executive

Committee succession planning, and

diversity and inclusion matters. All

Directors offer themselves for

re-election by shareholders annually.

Our Board Inclusion and Diversity

Policy can be found on our website,

while details of the gender identities

and ethnicity of our Board members

and senior management are set out on

page 98.

K. Skills, experience and knowledge

The Nomination Committee uses a

matrix to ensure that the skills,

experience and knowledge of the

current Directors reflect those that the

Committee believes are appropriate

forthe Group’s business and

strategicrequirements.

The Committee is also mindful of the

need to regularly refresh the Board

and to monitor the length of service of

the Directors.

The Chair reached the ninth

anniversary of his first appointment to

the Board in late 2025. The Nomination

Committee, led by the Senior

Independent Director, has begun the

process of recruiting a successor. More

details are given on page 97.

L. Board performance review

During 2025, Russell Reynolds was

appointed to undertake an external

performance review of the Board and

its Committees. The outcomes of the

review are given on page 87.

Informa Annual Report and Accounts 2025

GovernanceS F A

Compliance with the Code continued

Audit, risk and internal control

M. Independence and effectiveness

of internal and external audit

The Audit Committee’s report on its

work in 2025 can be found on pages 99

to 108.

The Committee is responsible for

overseeing financial and narrative

reporting and for assessing the

effectiveness and objectivity of

ourexternal and internal auditors.

TheCommittee also oversees the

independence and effectiveness of

ourinternal audit function and

reviewsthe relationship and

independence of our external auditor,

PricewaterhouseCoopers LLP (PwC).

The Committee has adopted a policy

for approving all audit and non-audit

services by the external auditor to

make sure that its independence is

notimpaired.

N. Fair, balanced and

understandable assessment

The Board considers this Annual

Report, taken as a whole, to be fair,

balanced and understandable, and to

provide the information shareholders

need to assess the company and the

Group’s position and performance,

business model and strategy.

Before making this recommendation

tothe Board, the Audit Committee

reviewed the process for preparing the

Annual Report and the way in which

the Group’s overall prospects and

financial position are disclosed.

The content of the Annual Report is

reviewed by a working group of key

contributors, making sure that all

required disclosures are transparent

and understandable before it is

reviewed by the Audit Committee.

TheCommittee makes sure that the

narrative reporting is consistent with

the Financial Statements, the wider

economic environment and any

information previously communicated

to investors, analysts and other

stakeholders, and that the content

ofthe Strategic Report and the

Financial Statements are aligned.

Moreinformation on the fair,

balancedand understandable

statement can be found on page 101.

The Group’s viability analysis, Viability

Statement and Going Concern

Statement can be found on pages

71 to 72.

O. Risk management and internal

control framework

The Board is responsible for setting

theGroup’s risk appetite and making

sure that there is an effective risk

management framework. It has

delegated responsibility to the Audit

Committee for overseeing the

effectiveness of the Group’s risk

management and internal control

systems. For details of how the

Committee reviewed these controls,

see pages 103 and 104.

Details of the Group’s principal and

emerging risks, and how they are

assessed, managed and mitigated, are

set out on pages 60 to 70. The Audit

Committee and the Risk Committee

work with the Board to review, oversee

and mitigate risks, and each year the

Board or relevant Committee reviews

each of the principal risks in detail.

More information about our Risk

Committee can be found on page 103,

while details of how Informa is

preparing for Provision 29 of the

Codecan be found on page 104.

Remuneration

P. Remuneration policies

andpractices

The Remuneration Committee’s report

on its work in 2025 is set out on pages

109 to 123.

The Committee is responsible for

determining, approving and reviewing

the company’s global remuneration

principles and frameworks, making

sure that they support the Group’s

strategy and are designed to promote

our long-term sustainable success.

Q. Procedure for developing the

remuneration policy

The current Directors’ Remuneration

Policy was approved by shareholders

inJune 2024 and can be found on

ourwebsite.

The Committee also sets the policy for

executive remuneration arrangements

that prioritise the Group’s long-term

strategy and allow us to recruit and

retain suitable talent, as well as to

review the remuneration arrangements

for the wider workforce. The Committee

Chair regularly consults the company’s

major investors and advisers about

remuneration proposals.

R. Remuneration outcomes and

independent judgement

No Director is involved in determining

their own remuneration arrangements.

The Committee considers business

plans, individual performance

outcomes and input from the Audit

Committee, when determining

remuneration outcomes.

Governance

Informa Annual Report and Accounts 2025

Nomination Committee Report

John Rishton

Chair of the Nomination

Committee

Informa’s Nomination Committee

ensures that members of our Board

have the right skills and attributes

to support the leadership team in

fostering an inclusive culture and to

meet the Group’s strategic priorities.

As we continue to explore new

strategic partnership opportunities,

and implement the One Informa

programme, it is important that we

retain an experienced and diverse

Board to be a source of support and

challenge to the leadership team.

Having welcomed two new members

to the Board during 2024, in 2025,

Board membership remained constant,

with no additional appointments. We

did however review the membership

of Board committees, leading to

Catherine Levene’s appointment to

the Remuneration Committee from

March 2025.

We continued to consider the balance

of skills and experience needed to help

the Board to be effective. Assessing

balance was part of this year’s external

review of Board performance, which

concluded that the Board has a good

breadth of expertise of the type that is

important to Informa’s strategy. Details

of the review are on page 87.

As usual, we conducted our annual

review of the succession plan for the

leadership team. The Group Chief

Executive and Group HR Director

joined us for the initial part of

thesediscussions.

The Committee also considered the

succession plan for my role as Board

Chair. Our Senior Independent Director

chaired those meetings and more

details are on page 97.

Monitoring talent initiatives

One of our roles as a Committee is to

oversee Informa’s efforts in fostering

an inclusive culture and to monitor the

effect of its talent initiatives.

We were particularly pleased to see an

ongoing increase in the proportion of

vacancies being filled internally, rising

from 30% in 2024 to 44% in 2025. We

see this as a great endorsement of

Informa’s internal mobility programme.

As in past years, we welcomed the

chance to meet colleagues in different

settings and regions to sample the

company’s culture for ourselves. For

more on this, see The Board’s year,

onpages 84 to 86.

I confirm that the Board meets the UK

Listing Rules’ requirements, with more

than 40% of Board members being

female, including the role of Senior

Independent Director, and our

Boardincludes representation

fromminorityethnic backgrounds.

John Rishton

Committee Chair

11 March 2026

Committee

responsibilities

• Review the membership of the

Board and its Committees so

that there is a broad mix of

skills and experience that is

suited to the Group’s

strategicpriorities.

• Recommend suitable

candidates for the role of

Senior Independent Director

and as members of

BoardCommittees.

• Make sure that succession

plans are in place for the Board

and senior management, and

oversee the development of a

diverse pipeline for succession

in the Group.

• Monitor the effect of talent

and inclusion initiatives across

the Group.

The Committee’s full terms of

reference are available on

ourwebsite.

Informa Annual Report and Accounts 2025

GovernanceS F A

Details of our Directors’ experience

and qualifications are given in their

biographies on pages 79 to 81.

In addition to the skills that the Directors

bring to the Board, ongoing and tailored

training is provided to enhance their

knowledge of the Group and the matters

affecting it. The Directors voluntarily

complete the same key training modules

as all colleagues in order to understand

what the business is focusing on and

what’s expected of everyone. In 2025,

this included modules on fraud

prevention and respect at work.

Managing time commitments

The Committee confirmed that all

Non-Executive Directors continue to

commit substantial and sufficient

timeto Informa to discharge their

responsibilities effectively, by attending

Board and Committee meetings and

company events, and by engaging with

colleagues, shareholders and investors.

All Non-Executive Directors remain

independent and provide a valuable

contribution through their diverse

knowledge, skillsand experience.

Wehave recommended that each one

is reappointed at the 2026 AGM.

TheBoard considers that Non-Executive

Directors holding additional board

appointments and, where relevant,

executive roles in other organisations

bring significant benefits to the

company. These external roles mean

that Non-Executive Directors remain

closely connected to current market

practice, regulatory developments, and

emerging commercial, technological and

governance trends across sectors.

Committee membership

All our independent Non-Executive

Directors are members of the

Committee, and their biographies are

given on pages 79 to 81. While not a

member, the Group Chief Executive is

typically invited to attend Committee

meetings, except when matters

concerning him are discussed. Other

senior managers are also invited to

attend meetings when relevant.

The Group Company Secretary is

secretary to the Committee and

attends all meetings.

The Committee met three times during

the year but, as in previous years,

discussions and debates on topics that

are part of the Committee’s remit were

often conducted during Board meetings.

Board performance review

and training

The Committee asked Russell Reynolds

to undertake an external review of

theperformance of the Board, its

Committees and our Directors in

late2025. The Board discussed its

conclusions (see page 87) in December.

Russell Reynolds has also been

appointed to support the Committee

inthe search for a new Board Chair

andprovides external search support

for other senior roles within Informa.

The review assessed the skills, experience

and diversity of our Directors in relation

to Informa’s needs. The matrix below

shows that the Board has a good breadth

of expertise across the 10 disciplines that

are particularly important to Informa’s

business strategy:

Such relevant experience enhances the

quality of the strategic challenge and

insight they bring to Board discussions,

promotes the sharing of good practice,

and strengthens the Board’s ability to

anticipate opportunities and risks in a

rapidly evolving business environment.

Non-Executive Directors may accept

additional appointments with the

Chair’s or the Board’s approval,

provided that they continue to allow

sufficient time for their responsibilities

to Informa.

John Rishton’s external roles changed

during 2025. He retired as Chair of

Serco Group plc at the end of the year

and was appointed as a Non-Executive

Director of Diageo PLC from

1 November 2025, for which Board

approval was granted. In early 2026,

the Board also approved John’s

appointment as aNon-Executive

Director and Chair Designate of

Imperial Brands PLC. Hewill take up

the Non-Executive Director role in July

2026 and becomeChair in December.

Maria Kyriacou was also given Board

approval for her appointment as

Chairof the Supervisory Board of

ProSiebenSat.1 Media SE from

28May2025.

The Code allows Executive Directors

tohold one non-executive directorship

in a FTSE 100 company or other

significant appointment. Stephen A.

Carter serves as Non-Executive Director

at Vodafone Group PLC. Neither Gareth

Wright nor Patrick Martell hold

disclosable appointments.

Experience and skills

Technology and digital transformation

B2B operations

Media, publishing or digital sector

Strategic planning

Business transformation and integration

People, talent and remuneration

Corporate transactions

Sustainability and ESG

Finance and capital markets

Risk management

Nomination Committee Report continued

Governance

Informa Annual Report and Accounts 2025

Planning for Chair succession

In September 2025, John Rishton reached the ninth anniversary of his

appointment to the Board, having joined as a Non-Executive Director and

Chair of the Audit Committee in September 2016. He was appointed as

Board Chair in June 2021.

The Code recommends that the chair of a board should not serve beyond

nine years from the date of their first appointment, although some

flexibility is allowed, particularly in cases where the chair was an existing

non-executive director. Considering this recommendation, and

acknowledging the benefits ofrefreshing Board membership periodically,

the Committee concluded:

• Board performance review outcomes: The recent external review

highlighted strong satisfaction with John’s leadership and independence,

and his deep understanding of Informa’s operations and strategy. His

continuing and substantial time commitment to Informa was also noted

• Global experience: John’s expertise in international business, cross-

border finance and global markets, particularly in the Middle East,

remains invaluable as we continue to develop our partnership with DWTC

and strengthen our Tahaluf partnership in Saudi Arabia

• Board stability: Following the appointment of new Directors in 2024 and

the relocation of key executives in 2025, leadership continuity is critical

As a result, the Committee unanimously agreed that extending John’s

tenure as Chair was in the best interests of the company and its

stakeholders. Although we have begun a process to find his successor, John

has agreed to seek re-election at the AGM in 2026 – but not in 2027 – in

order to ensure that there is a smooth handover with his successor. This will

allow sufficient time to identify and transition to a new Chair. Therefore,

wewill propose John’s re-election as a Director at the AGM in June 2026.

We have appointed Russell Reynolds to support the search for a new Chair.

Russell Reynolds is a signatory to the Voluntary Code of Conduct for

Executive Search Firms, and its expertise of the UK and international

markets will help us to identify a candidate with the skills, experience

andcultural intelligence to lead the Board and support it in directing

thecompanyeffectively.

Russell Reynolds also conducted the 2025 Board performance review and

provides external search support for senior roles within Informa.

We will announce the new Chair’s appointment during 2026, with that

person taking up their role in early 2027.

Louise Smalley

Senior Independent Director

Succession planning

After a number of changes were made

to the Board in 2024, 2025 has been

stable – the only change was the

Committee’s recommendation that

Catherine Levene become a member

ofthe Remuneration Committee from

early March 2025. As the business

continues to grow in scale and

complexity, we willcontinue to review

the Board’s composition to make sure

that it retains a balanced mix of skills,

experience andperspectives to

support the Group’sstrategy.

Senior leadership development also

continues to be a priority. In 2025, as

inprevious years, we held a private

session with the Group Chief Executive

and Group HR Director to review

succession plans for Executive

Committee members and other key

senior leaders. This process helps to

identify future leaders based on merit

and objective criteria, and considers

the benefits of gender, social, ethnic

and cognitive diversity.

Supporting a culture

ofinclusion

Our Committee continues to support

Informa’s inclusive culture, where

diverse perspectives and backgrounds

are valued equally. The Group HR

Director provides us with regular

updates on the company’s talent

programme and on how all colleagues

have access to opportunities for growth,

development and career advancement.

In 2025, we considered management’s

work to enhance the internal mobility

programme and to support career

development. Committee members

also joined colleagues in London and

New York to discuss career paths and

to share their own experiences (see

page 85). The Committee was pleased

to see that internal hiring rates have

increased once again, from 30% in 2024

to 44% in2025.

Decisions about Board appointments

will continue to be merit-based and will

consider the benefits of a diversity

ofperspectives, experiences and

backgrounds. This approach

supportsour truly diverse

andinternational business.

Informa Annual Report and Accounts 2025

GovernanceS F A

As a company listed on the London Stock Exchange, Informa is required to disclose certain numerical data on the ethnic

background and gender identity of members of the Board and our Executive Committee at 31 December 2025, our chosen

reference date.

The data was collected by the Company Secretary from each individual and is shown in the table below.

Number of

Board

members

% of the

Board

Number of senior

positions on the

Board (Chair, CEO,

CFO, SID)

Number in executive

management

% of executive

management

Women 5 45.5 1 3 21.4

Men 6 54.5 3 11 78.6

Not specified/prefer not to say – – – – –

Number of

Board

members

% of the

Board

Number of senior

positions on the

Board (Chair, CEO,

CFO, SID)

Number in executive

management

% of executive

management

White British or other White

(including minority-white groups) 10 90.9 4 14 100

Mixed/multiple ethnic groups – – – – –

Asian/Asian British 1 9.1 – – –

Black/African/Caribbean/Black British – – – – –

Other ethnic group, including Arab – – – – –

Not specified/prefer not to say – – – – –

1 See UK Listing Rule 6.6.6R and Annex 1

Nomination Committee Report continued

Governance

Informa Annual Report and Accounts 2025

Gill Whitehead

Chair, Audit Committee

Informa’s Audit Committee plays a

critical role in ensuring the integrity

of the Group’s financial reporting,

internal controls, and risk management,

in a business delivering strong year-on-

year growth and expansion.

As Informa continues to grow, in

2025, the Audit Committee focused

on the company’s expansion

activities, as well as governance

matters around data and the use

ofAI. We also continued to review

technology governance and the

workbeing done to maintain cyber

security and prepare for new

regulations on material controls.

Overseeing expansion plans

Informa delivered another year of

significant growth in 2025 based on

strong performance in its specialist

markets. The Committee has paid

close attention to these expansion

plans, including our new inD

partnership in the Middle East, giving

consideration to the supporting

capabilities that will be needed both

centrally and regionally as the Group

continues to grow and develop.

We spent time on the recent Informa

TechTarget combination. The

combination happened at the end of

2024, with Informa TechTarget now

forming one of our majority-owned

operating divisions. We closely

reviewed the methodology and

judgements supporting the mid-year

impairment of goodwill, and were

encouraged by its growth in Q4.

In 2025, it became clear that the

volume of work needed to support

Informa TechTarget in meeting its S4

filing and ongoing quarterly SEC

reporting requirements, together with

the work to remediate control

deficiencies that are material at the

subsidiary level (but not at the

InformaGroup level), was greater

thananticipated.

We’re pleased to see that these early

issues have been resolved after

intensive efforts from all teams

involved, including an agreed workplan

for remediating the control

deficiencies. Both Informa TechTarget

and the Group have also strengthened

the Finance team’s capacity and

capability in light of the Group’s

continued growth.

Improving data and

AIgovernance

Amid the dynamic landscape of AI

technologies, our focus in 2025 was to

make sure that Informa established

strong foundations to underpin the

business’s responsible use of AI. To this

end, we reviewed and approved the

widening of focus of our principal risk

dealing with privacy regulation so that

it also explicitly includes the

management of those risks related to a

failure to use data and AI technologies

responsibly. As a Committee, we

dedicated time to discuss this evolving

principal risk inthree of our four

meetings thisyear.

As in previous years, we continued to

focus on the maturity of data privacy

inthe business, noting its third year

ofimprovement since our annual

monitoring began. The business

established an AI Council during the

year, made up of cross-disciplinary

colleagues reporting to the Chief

Commercial Officer. The Council is

responsible for seeing that Informa

develops and deploys AI tools in a

co-ordinated and responsible way.

Itsearly activities included drafting

anAI Governance Charter, which we

reviewed and approved.

Internal Audit commissioned an

external specialist review to evaluate

the company’s overall AI governance

practices against key elements from

recognised best practice frameworks.

The Committee reviewed the findings,

noting their commendations in several

areas as well as their recommendations

for change. The Committee confirmed

the intention to conduct another

third-party review in 2026 to make sure

that the new governance frameworks

are being implemented as intended.

Reviewing new material

controls and fraud prevention

requirements

In preparing for the Board’s first

declaration under Provision 29 of the

Code regarding the effectiveness of

Informa’s material controls at the end

of 2026, the Committee focused on the

methodology for defining, testing and

assuring these controls.

The Committee scrutinised the

definition of materiality thresholds

andthe scope of testing and assurance,

and received confirmation that the

workplan supporting the declaration

was on track. In early 2026, the

Committee will review the results of

management’s walkthroughs of

material controls at the 2025 year end,

along with the proposed approach to

assurance for 2026.

In September 2025, the new reporting

requirements around a failure to prevent

fraud (FTPF) came into effect. During

theyear, we reviewed the adoption of

processes and controls to ensure the

delivery of our response to this risk and

challenged management’s view

regarding the adequacy of protection.

Committee members took part in the

fraud awareness training that Informa

has introduced for colleagues.

Audit Committee Report

Informa Annual Report and Accounts 2025

GovernanceS F A

Audit Committee Report continued

Monitoring technology

resilience and cyber security

The Committee maintained a strong

focus on cyber security and technology

governance. Under the One Informa

programme, our technology landscape

is being simplified and the Fortify

programme continued its work to

enhance technology data quality,

service resilience, application lifecycle

management and cloud foundations.

We maintained oversight of Fortify’s

KPIs and progress, noting that it

remains on track and is performing

asthe business intended.

In response to the UK Government’s

advice to businesses regarding cyber

security, received in October 2025,

we can confirm that the company is

already aligned with the principles

and vendor standards that the

Government recommends.

Looking ahead

In light of the increased demands

on the Audit Committee and the

continued growth of the business,

I began an exercise towards the end of

the year torefresh our audit agenda.

This will make sure that we spend our

time where it’s most needed in the

coming year.

In 2026, we intend to focus more time

on the Group’s continued expansion,

One Informa, cyber and AI, as well as

overseeing the continued building of

capability and capacity in the Finance

function, and making sure that the inD

partnership is fullyenabled.

We note the UK Government’s decision

to withdraw the UK Audit Reform Bill

and carry out a consultation on

simplifying and modernising corporate

reporting requirements. These

developments are consistent with

ourown appetite to grow and operate

atpace, underpinned by good

governance, and we look forward

toparticipating in the consultation.

Thank you

I’d like to thank my Committee

colleagues, Maria Kyriacou and Joanne

Wilson, for their input, support and

diligence during the year, and PwC,

ourexternal auditor, for their ongoing

support. I’m also grateful for the

support of all my fellow Non-Executive

Directors and the members of the

leadership team who attended

ourmeetings and contributed

toourdiscussions.

Finally, on behalf of the Committee,

I’dlike to thank our Group Finance

Director, Gareth Wright, and all

members of the Finance team for

theirhard work and dedication in 2025.

Gill Whitehead

Chair, Audit Committee

11 March 2026

Governance

100

Informa Annual Report and Accounts 2025

Committee membership

Gill Whitehead has been Chair of the

Audit Committee since June 2022,

working alongside our other Committee

members Joanne Wilson (appointed

October 2021) and Maria Kyriacou

(appointed July 2024), whose biographies

are given on pages 79 to 81. All Non-

Executive Directors are invited to attend

Committee meetings and are particularly

encouraged to attend those that consider

the full-year and half-year results.

Gill and Joanne are Fellows of the

Institute of Chartered Accountants and

have significant financial experience in

several sectors. Maria is also a qualified

chartered accountant. Gill and Joanne

are considered to have recent and

relevant financial experience, as

requiredby the Code. The Board is

satisfied that the Committee as a whole

has knowledge and competence relevant

to the markets in which Informa

operates. The mix of its members’

financial and business experience allows

for effective discussion, challenge where

appropriate and oversight of critical

financial matters.

Other regular attendees at Audit

Committee meetings include the

BoardChair, the Group Chief Executive,

the Group Finance Director, the Group

Chief Operating Officer and Head of

Internal Audit, as well as our external

auditor. None of these attendees is a

member of the Committee. Other

members ofthe leadership team are

invited to attend when relevant.

The Group Company Secretary is

secretary to the Committee and

attends all meetings.

Reviewing financial

reporting

One of our key responsibilities as a

Committee is to review, evaluate and

recommend the Annual Report to the

Board, having made sure that the

Annual Report provides a fair, balanced

and understandable assessment of the

company’s position, business model,

performance, strategy and prospects.

During our considerations, we:

• Assess the process for preparing

andverifying the Annual Report,

seeking input from appropriately

qualified colleagues

• Ensure that our accounting policies

andpractices are appropriately

applied, particularly for significant

transactions, and confirm compliance

with accounting standards and other

regulatory financial reporting

requirements, including the Code

• Evaluate material accounting

assumptions, estimates and

significant judgements or key

matters identified during the

audit,and review the application

andeffectiveness of internal

financialcontrols

• Confirm that the company’s

remuneration consultants have

reviewed and commented on the

Directors’ Remuneration Report

Before recommending the Annual

Report to the Board, we make sure that it

is reviewed by internal stakeholders, the

external auditor, Committee members

and all members of the Board.

More details about our fair, balanced

and understandable reporting are

given on page 94.

Committee

responsibilities

• Monitor the integrity of the

company’s and Group’s

Financial Statements and

anyformal announcements

relating to financial

performance – and, where

requested by the Board,

review the content of the

Annual Report and confirm

whether, taken as a whole,

itisfair, balanced and

understandable.

• Review significant financial

reporting judgements, issues

and estimates relating to the

Financial Statements.

• Review and monitor the

effectiveness of the Group’s

internal financial controls and

its risk management systems

andprocedures on the

Board’sbehalf.

• Oversee compliance,

whistleblowing and fraud

programmes, approve

Grouppolicies in relation to

accounting, tax and treasury

matters, and monitor legal

andregulatory requirements

around financial reporting.

• Monitor the effectiveness of

the Internal Audit function and

approve the annual internal

audit plan.

• Assess the effectiveness of the

external audit process, review

and monitor the external

auditor’s independence and

objectivity, approve the policy

for the external auditor to

supply non-audit services, and

make recommendations to the

Board about the appointment,

reappointment and removal

ofthe external auditor, its

remuneration and terms

ofengagement.

The Committee’s full terms

ofreference are available on

ourwebsite.

101

Informa Annual Report and Accounts 2025

GovernanceS F A

Audit Committee Report continued

Considering significant accounting and reporting matters

The Committee considered the following significant accounting and reporting matters during the year.

Area of focus and action taken Outcome

Viability and going concern

At the full year, we conducted a review of the company’s viability

and going concern status to support the respective statements in

the Annual Report. The modelling required to support these

statements used the same financial projections as the annual

impairment review.

The Committee reviewed and challenged management’s

assumptions underpinning the preparation of the Financial

Statements on the going concern basis, as well as the

appropriateness of the Viability and Going Concern

Statementsinthe Strategic Report.

We reviewed the severe but plausible scenarios that management

considered, which are modelled on three of the Group’s principal

risks – economic instability, market risk and inadequate response

to a major incident, as well as the Group three-year business plan

and the mitigating actions that are available to the Group.

Having considered and challenged the assumptions supporting

management’s assessment, the Committee was comfortable

recommending to the Board that it adopts the going concern basis

ofpreparation for these Financial Statements.

We also concluded that the Viability and Going Concern Statements

(shown on page 72) are appropriate.

Goodwill impairment testing

At the half year, a review of divisional performance and the market

capitalisation of Informa TechTarget (ITT) identified the need for a

full impairment review of the ITT division. No other group of cash

generating units (CGUs) were triggered at this time.

The Committee reviewed the appropriateness of the key

assumptions and valuation methodology applied in the

impairment assessment. Additionally, we reviewed the sensitivity

analysis conducted as part of the impairment review.

At the full year, an annual impairment review was conducted to

evaluate the recoverability of goodwill and net assets in all groups

of CGUs as at 31 December 2025. We noted the method adopted

followed a similar approach to prior years. We also reviewed the

assumptions made by management and the sensitivities applied

tothe impairment model for each group of CGUs.

The Committee was satisfied that the assumptions and resulting

impairment charge of £484.2m in relation to ITT at the half year were

reasonable and that the associated disclosures were appropriate.

The Committee reviewed, discussed and, where necessary, challenged

management assessments for each group of CGUs at the full year.

Thisincluded consideration of whether the key assumptions and

sensitivities used were appropriate.

Having reviewed the methodology used, the Committee concluded

that the carrying value of goodwill in the balance sheet could be

supported and that no impairment was required at 31 December

2025. We also agreed that the related disclosures are appropriate.

The full impairment assessment disclosures are given in Note

15 to the Consolidated Financial Statements

Informa TechTarget

Following the combination of the Informa Tech digital businesses

with TechTarget Inc. in December 2024 to create ITT, the Committee

reviewed management’s plans for the ITT integration and how

those plans were carried out during 2025.

We considered the respective responsibilities of ITT’s and Informa’s

Audit Committees, internal controls (including Sarbanes-Oxley

(SOX) implementation), risk management and external financial

reporting. We also reviewed how the corporate functions of both

ITT and the Group could collaborate to support this new division

and the integration programme.

We noted management’s proposed approach and reviewed the

implementation of each area during the year.

The Committee remains cognisant that it is ITT’s own Audit Committee

that is responsible for overseeing the division’s financial reporting and

SOX compliance. Nevertheless, we monitor the progress of the

integration programme and receive updates on the ITT SOX

programme as ITT’s SOX compliance will support the Group’s future

reporting against Provision 29 of the Code.

We are pleased to see that early reporting issues have been resolved

and that both the Q2 and the Q3 10-Q filings were compliant with SEC

reporting deadlines. We also note that ITT expects to submit its FY

2025 10-K filing on or around 11 March 2026.

Euro Medium Term Notes (EMTN) maturity and new borrowings

The Committee reviewed and considered the risk management

used to mitigate the currency exposure between the euro-

denominated EMTN issued in June 2025 and US dollar repayments

due on the EMTN maturing in October 2025.

We noted that a third-party adviser had supported management

toproduce appropriate hedge documentation and

accountingconsiderations.

The Committee concluded that the currency risk management, as well

as the hedge documentation and accounting, were appropriate.

Governance

102

Informa Annual Report and Accounts 2025

Financial Reporting Council

(FRC) corporate reporting

review

The Committee reviewed a comment

letter from the FRC addressed to the

company, which was received in

October 2025, relating to its review of

the Group’s Annual Report and

Accounts for the year ended

31 December 2024. We were pleased to

note that the letter confirmed that the

FRC had no questions or queries to

raise. The FRC highlighted two technical

areas within the notes to the Financial

Statements where disclosures could

be enhanced to give greater clarity.

The Committee and management

have taken these suggestions into

account when preparing this 2025

Annual Report.

We note that the FRC’s review does

not provide assurance that the 2024

Annual Report was correct in all

material respects, because the FRC’s

role is not to verify information but

to consider compliance with

reporting requirements.

Sustainability reporting

The Group has prepared its 2025

sustainability disclosures in line

withTCFD guidance, which is consistent

with last year. The Committee

discussed when to update the

assumptions and approaches within

the TCFD model toreflect the latest

climate science, andagreed with

management’s recommendation that

this takes place in the second half of

2026, ahead of the 2026 Annual Report.

Following the EU Commission’s

publication of its Omnibus Simplification

recommendations (February 2025) and

Stop-the-Clock Directive (April 2025),

Informa’s CSRDreporting requirements

have been deferred to the year ending

31 December 2027. The directive

proposed raising several key thresholds,

including employee numbers and net

turnover, but Informais still expected to

fall within the scope of the regulations,

including some of its European

subsidiaries. We will therefore continue

to monitor preparations for CSRD

– including the approach of double

materiality assessments and expanding

third-party assurance to include scope 3

GHG emissions – and are confident that

management is ready to meet these

reporting requirements on the due date.

The Committee also considered the

Group’s preparations for implementing

mandatory reporting under UK

Sustainability Reporting Standards

(UKSRS). Subject to the outcomes of the

FRC consultation process, which will end

shortly, UK SRS are expected to replace

the current requirement to report

under the TCFD framework for

accounting periods beginning on

orafter 1 January 2027.

In light of the Group’s global footprint,

we are also monitoring international

reporting requirements, particularly in

Australia, California, Mexico, Spain and

the UAE.

Other financial compliance

As part of our annual agenda, the

Committee reviewed and approved

theGroup’s Treasury Policy and its Tax

Policy and Tax Governance Framework.

The Tax Policy is available on the

Informa website.

Overseeing risk management

and internal controls

The Board has delegated responsibility

to the Committee for overseeing the

effectiveness of Informa’s risk

management and internal control

systems. Recognising that achieving

business objectives will involve taking

appropriate risks, Informa has

implemented a system of internal

controls designed to manage material

risks by addressing their causes and

mitigating their potential impact. This

system provides reasonable, though not

absolute, assurance against material

mis-statement or loss, ensuring that the

cost-of-control procedures do not

exceed their expected benefits.

The leadership team, led by the

GroupChief Executive, regularly reviews

operational and financial performance,

material risks and mitigation strategies,

with each division operating

autonomously within a robust internal

control framework. The Committee and

the Board regularly review the overall

risk management and internal control

processes, which comply with the FRC’s

Guidance on Risk Management, Internal

Control and Related Financial and

Business Reporting.

The executive Risk Committee

supports this process by ensuring

effective risk management and by

monitoring the effect of business risks.

Chaired by the Group Finance Director,

the Risk Committee includes senior

leaders such as the Group Chief

Operating Officer, Group General

Counsel, Group HR Director, Group

Head of Risk and other key executives.

It meets at least four times a year,

withparticipation from operating

divisions and Global Support functions

as needed.

The Risk Committee’s key

responsibilities are to:

• Conduct regular, robust assessments

of principal and emerging risks,

including those that could threaten

the Group’s business model,

performance, solvency or liquidity

• Review the Group’s risk assessment

processes, metrics and mitigation

actions

• Provide guidance to the Audit

Committee on risk appetite

andtolerance

• Evaluate the effectiveness of internal

controls and risk management

systems, including all material

financial, operational and

compliance controls

• Oversee the Group’s global approach

to health and safety risks and data

privacy regulations

• Review the adequacy and security

ofwhistleblowing arrangements for

colleagues and contractors

A summary of the Risk Committee’s

activities is provided at each Audit

Committee meeting and to the

Boardas necessary.

103

Informa Annual Report and Accounts 2025

GovernanceS F A

Audit Committee Report continued

The Group’s principal and emerging

risks are discussed and assessed at

thehalf year and full year, including

changes to risk exposures and the

consideration of associated and

emerging risks. As a Committee, we

also undertake deep dives at least

annually into those risks under our

responsibility, which in 2025 included:

• Reliance on key partnerships – March

• Ineffective change management

–June

• Data loss and cyber breach – June

• Technology failure – July

• Inadequate regulatory compliance

– July

• Using data and AI responsibly – June,

July and December

We considered the Risk Committee’s

process in assessing emerging risks,

including how the scope of each

riskisreviewed and updated, where

necessary. This process led to

enhancing principal risk 8 to reflect its

potential to drive changes and

improvements to our products and

markets, to monitor sensitivity around

the use of AI across the business, and

to expose intellectual property and

sensitive or valuable proprietary data.

More details on Informa’s approach to

emerging risks are given on page 61.

By considering updates from the Risk

Committee and reports from both

internal and external auditors on the

effectiveness of the Group’s risk

management and internal control

systems, and after our own independent

investigations, the Committee confirmed

to the Board that we did not identify any

significant control deficiencies during the

year. After presenting these conclusions

to the Board, we confirmed that we

weresatisfied that the Group’s risk

management and internal control

systems had been effective throughout

the year and that the Board had fulfilled

its obligations under the Code.

More details on the Group’s risk

management framework, approach to

risk and principal risks can be found

on pages 60 to 70.

Provision 29 of the Code –

Material Controls declaration

The first declaration of material

controls effectiveness will be as at

31 December 2026, and the Group

remains on track to meet this deadline.

The Committee and the Board have

chosen not to adopt Provision 29

oftheCode early for the year ended

31 December 2025.

A programme was established in

2024to review and, where necessary,

improve and remediate Informa’s

control environment to prepare for

thedeclaration of the effectiveness

ofmaterial controls. During 2025,

theCommittee monitored progress

inmeeting the objectives set for the

year, which were to:

• Implement quarterly self-

certification of control effectiveness

by the Global Business Services team

and review the control evidence

retained

• Remediate any material control

issues the Internal Audit team

identified as at 31 December 2024

• Perform business and technology

controls maturity assessments for

specific divisions or brands

• Document and assess the control

maturity of any businesses and

supporting technology acquired

during the year

• Develop divisional control

frameworks to support the Board’s

material controls effectiveness

declaration

• Retest the effectiveness of material

controls by Internal Audit

• Monitor the segregation-of-duties

remediation process for technology

systems of high importance

All but the final objective were completed

by year end. While remediation of the

final objective remains in progress, we

concluded that no material control issues

were identified.

PwC provided feedback on the

approach to the programme to

management and to theCommittee.

We have adopted an implementation

plan, taking these recommendations

into account, for2026.

Ongoing attention to

cybersecurity

Throughout 2025, the Committee and

the Board maintained a strong focus

on cyber security and governance,

particularly regarding the risk of

unauthorised and criminal access

tothe Group’s technology systems.

The Committee, on behalf of the

Board,conducted in-depth reviews of

areas of concern and emerging risks,

and closely monitored the Group’s

approach to cyber security and data

loss, challenging management where

necessary to ensure that robust and

effective defences are in place.

During the year, we:

• Assessed the risk profile of the

principal risks related to data loss

and cyber breach, reviewed how

these risks were managed (including

emerging risks) and agreed on the

proposed mitigating actions

• Received updates on annual

all-colleague cyber security

trainingand ongoing

awareness-building activities

• Reviewed the findings from the

cyber-attack simulation exercises

conducted during the year, which

test and enhance organisational

security, and supported the resulting

recommendations from

management and external advisers

• Evaluated the ongoing technology

integration risks associated with

acquisitions and divestments

• Supported management in its

continued efforts to enhance the

Group’s cyber security measures

Governance

104

Informa Annual Report and Accounts 2025

Our Committee Chair delivers a formal

update to the Board four times a year

after each Committee meeting,

outlining the actions being taken to

manage cyber risks. Additionally, the

Group Chief Operating Officer provides

at least quarterly updates to the Board

on technology solutions and services.

The Director of Strategy and Business

Planning also gives an update on how

the One Informa programme is

streamlining technology resources and

facilitating the retirement of legacy

solutions. This, and because other

Non-Executive Directors consistently

and voluntarily attend Committee

meetings and actively participate

indiscussions and debates, makes

surethat the Board as a whole

comprehensively considers cyber

security risks and responses.

In October 2025, against a backdrop of

increasingly hostile and sophisticated

cyber activity, Informa, along with

other large organisations, received

aletter from the UK Government in

relation to minimum standards of

cyber security for the company and

itssuppliers.

The Board reviewed Informa’s position

against the Government’s request and

confirmed that the company is already

aligned with the principles of the Cyber

Governance Code of Practice and

signed up to the National Cyber

Security Centre’s Early Warning

service.The company also already

requires key vendors to adhere to

leading cyber security standards,

including Cyber Essentials (this being

the minimum standard of cyber

security recommended by the UK

Government),to support a robust

andsecure supply chain.

Enhancing technology

governance

As a Committee, we conducted our

annual in-depth review of technology

failure risk, recognising that a prolonged

loss of critical systems could significantly

affect the company’s ability to deliver its

products and services.

We observed significant progress in

mitigating this risk through the Fortify

programme, a multi-year programme

requiring co-ordinated efforts across

four key areas: technology data

management, service resilience and

excellence, cloud foundations and

supplier performance metrics.

Theprogramme has established a

framework to support future ways

ofworking and set standards for the

Group that are focused on those

four areas.

In 2025, we reviewed progress to

identify key applications and streamline

the Group’s complex and evolving

technology estate. This work includes

aligning the Fortify programme’s

priorities with the company’s broader

work to simplify our technology

landscape under One Informa – work

that will require continued focus as the

programme continues.

Informa also engages leading third-

party experts to rigorously test its

cyber defence capabilities. This

includes conducting targeted cyber

security exercises and regular

penetration testing to identify

vulnerabilities and strengthen the

Group’s resilience against evolving

cyber threats.

Monitoring compliance,

whistleblowing, fraud and

data privacy

Our Committee is responsible for

overseeing the Risk Committee’s work

to review the Group-wide compliance

and assurance framework, including

our whistleblowing, fraud and bribery

prevention procedures, and the ways

in which Informa ensures data privacy.

The Head of Group Compliance and

Chief Privacy Officer attend Board or

Committee meetings during the year

toreport on their respective functions

and responsibilities.

Embedding sanctions controls

Informa continues to closely monitor

changes in international trading

regulations and has implemented robust

controls to ensure compliance with US,

UK and EU laws, as well as UN rules, to

prevent prohibited transactions.

Our Committee acknowledged the

ongoing progress in the Group’s

sanctions programme, enacted through

strengthened controls across platforms

and improved screening capabilities to

support those areas of greater risk to

the business. We also recognised the

increasing sophistication of efforts by

sanctioned countries and corporations

to circumvent restrictions, which are

being mitigated through additional and

broader screening checks by the

Finance and Compliance teams.

Reports from the Risk Committee detail

the actions being taken to address

sanctions compliance. These include

conducting divisional risk assessments,

collaborating with the relevant Global

Business Services team and internal

financial controls, performing a biannual

screening of potentially high-risk

countries, and delivering regular, focused

and relevant training programmes.

Through these measures, we are

confident that Informa maintains

aneffective sanctions programme,

ensuring compliance with its legal

obligations and meeting the

expectations of our banking partners.

105

Informa Annual Report and Accounts 2025

GovernanceS F A

Audit Committee Report continued

Strengthening confidence

inSpeak Up

Informa has established processes

forany colleague to report concerns

inconfidence, either through line

managers, HR managers, the internal

Compliance team, or an independent

and confidential multilingual

whistleblowing service, Speak Up.

The Head of Group Compliance

presented us with a summary of

engagement activities undertaken

during the year, which included

continued focus on raising awareness

through training and communication

campaigns, and increasing trust

through targeted efforts in countries

with lower historical levels of reporting.

Reporting to the Committee and

theBoard was also enhanced by

integrating Speak Up reports with

HRgrievance data for a more

comprehensive overview.

The presentation also outlined how

theGroup’s Respect at Work Policy

andassociated training have been

updated to address increased

obligations to implement adequate

procedures preventing workplace

sexual harassment, including specific

measures to inform appropriate

conduct at events.

As well as providing the Committee with

an annual summary of whistleblowing

reports, highlighting the broad themes

raised and actions taken, the Company

Secretary gives us an update on

whistleblowing at each Board meeting.

Monitoring bribery

processesand controls

Informa continues to be primarily

subject to the requirements of the UK

Bribery Act and the US Foreign Corrupt

Practices Act, as well as a number of

local and national anti-corruption laws.

At least once a year, the Head of

GroupCompliance presents a report to

the Committee detailing the Group’s

anti-bribery and corruption processes

and controls. The report includes

insights into key aspects of the

Group’santi-bribery programme,

suchas updates to risk factors, the

riskassessment process (including

third-party assessments) and training

initiatives. The report also includes

asummary of any misconduct

investigations conducted during the

year, along with details of the gifts and

entertaining expenses review that was

carried out.

As a Committee, we reviewed the

findings of the internal audit into the

Group’s anti-bribery and corruption

controls, as well as its gifts and

entertaining controls. We tracked how

Internal Audit’s recommendations

hadbeen resolved by the end of

2025or early in 2026, and reviewed the

commitments from Group Compliance

and divisional managers.

Assessing the response to fraud

The Committee receives reports from

Group Finance and Internal Audit on

instances of fraud or attempted fraud

at least twice a year, with additional

updates provided as necessary.

Fraud and attempted fraud typically

fall into three main categories:

customer fraud, supplier fraud and

cyber fraud. The updates received

allow us to review management’s

responses to any allegations of fraud

or attempted fraud, including the

actions taken to address and mitigate

the identified fraud risks. As part of

this process, internal control measures

are evaluated, and recommendations

for improvements made where required.

Failure to prevent fraud

In 2025, the Committee resumed

monitoring the Group’s response to

theEconomic Crime and Corporate

Transparency Act 2023 (ECCTA),

focusing on the requirement to

implement procedures to prevent

fraud. Failure to prevent fraud (FTPF)

became a regular agenda item, as we

oversaw the implementation of an

enhanced governance framework to

prevent, detect and report fraud.

This included reviewing fraud

awareness training uptake, monitoring

improvements to risk identification

andthe risk register, and supporting

the use of available technologies to

enhance fraud detection and automate

anti-fraud processes.

With the programme now implemented,

our focus in 2026 will beto obtain

confirmation that FTPF procedures are

fully embedded in the business and

have transitioned to standard operations.

Strengthening data privacy

and AI governance

Informa operates in countries and

markets with increasingly complex and

diverse privacy regulations, including

Australia, China and other ASEAN

countries, and across the US. This

regulatory landscape gives rise to

expectations from colleagues,

customers, suppliers and stakeholders

for greater transparency and control

over how their personal data is

collected, used and shared.

Our Committee reviewed the results

ofthe annual privacy maturity

assessment for 2025, which was

conducted using the UK Information

Commissioner’s Office’s Accountability

Framework. The review indicated

anoverall increase in data privacy

maturity across the Group and, after

considering the findings in detail, we

supported the Chief Privacy Officer’s

proposed actions to address

and improve those areas with the

lowest scores.

Governance

106

Informa Annual Report and Accounts 2025

In 2025, a key focus area for our

Committee was to oversee Informa’s

approach to managing both the

existing and emerging risks associated

with AI technologies, including

regulatory and reputational risks.

We noted that an AI Council had been

established, which meets monthly.

TheAICouncil is chaired by the Chief

Commercial Officer and comprises senior

divisional and functional representatives.

It has several responsibilities including

developing an AI governance charter,

setting the risk appetite in conjunction

with the Executive Committee, ensuring

compliance with AI laws and regulations,

and reporting to the Risk and the Audit

Committees, particularly on the use of

unapproved AI tools.

We reviewed and approved the AI

Council’s recommendation to broaden

the definition of the related principal

risk to explicitly include risks relating to

AI deployment and use, its impact on

brand perception and trust, and to

stakeholder expectations. Additionally,

we reviewed, discussed and approved

both the AI Governance Charter and

the Generative AI Use Policy.

We were pleased to note the findings

of a third-party review of the Group’s

AI Governance Strategy, which had

validated and commended aspects

ofthe programme.

Supporting the Internal

Auditfunction

With a dual reporting line to the Group

Finance Director and the Audit

Committee Chair, the Head of Internal

Audit meets the Audit Committee Chair

privately at least four times a year and

the Committee as a whole without

management present at least once a

year, to enable independent discussions.

The Head of Internal Audit attends

each Committee meeting and provides

detailed reports on:

• Reviews undertaken and issues

identified around business processes

and control activities during audits

• Management’s progress in delivering

action plans to address identified

control weaknesses

• Any management action plans where

resolution is overdue

• Material controls testing to prepare

for the implementation of Provision

29 of theCode

The Internal Audit team continues to

be supported by third-party partners,

particularly for audits requiring a

specific technical skillset.

As a Committee, we review the draft

annual internal audit plan and resourcing

levels at the end of each financial year.

The final plan is approved at the following

meeting and takes our feedback into

consideration. The plan is influenced by

the Group’s principal and emerging risks.

Areas of increased focus in 2025

included a review of the Group’s AI

governance, financial controls testing

in our Global Business Services teams

and assurance over Informa’s second

line of defence controls. Each of these

areas will continue to be a focus in

2026, alongside:

• Continued support for Informa’s

sustainability initiatives to meet

stakeholder expectations

• Addressing increasing requirements

arising from the regulatory

environment, particularly Provision

29 of the Code and the ECCTA

• Balancing broad assurance coverage

across a range of risks with more

detailed assurance of specific

riskareas

An annual effectiveness review is

conducted to evaluate the quality and

expertise of the Internal Audit function

and its success in fulfilling its remit,

andto identify opportunities for

enhancement. The 2025 review offered

strong assurance regarding the overall

effectiveness of the function and

highlighted two areas for improvement:

ensuring that the audit plan

incorporates new and emerging risk

areas, and continuing to advance the

use of appropriate technology in audit

engagements. TheCommittee confirms

that we are satisfied that the quality,

experience and expertise of the

Internal Audit function is appropriate

for the Group.

In December 2025, we reviewed the key

areas of non- or limited conformance

with the Global Internal Audit Standards

and the Institute of Internal Auditors

Code of Practice. Although Informa is not

obliged to adhere to these standards or

the Code of Practice, the Committee

agreed with the Head of Internal Audit

that both serve as valuable sources of

good practice. We determined that the

Internal Audit team should aim to

comply where it is practical and

beneficial to do so.

Working with our

externalauditor

PwC was appointed as the Group’s

external auditor following a robust and

thorough tender process in 2022 and

assumed responsibility for external

audit work from 1 January 2023. The

external auditor is jointly accountable

to the Board and our Committee, with

the Committee as the primary contact.

Our Committee is responsible

fordeveloping, implementing

andmonitoring the Group’s policy

onexternal audit. This policy gives

usoversight responsibility for

monitoring independence, objectivity

and compliance with ethical and

regulatory requirements, while

day-to-day responsibility is delegated

to the Group Finance Director.

107

Informa Annual Report and Accounts 2025

GovernanceS F A

Audit Committee Report continued

Our Committee plays an essential role

in ensuring the independence of the

external auditor and the quality of

theaudit process, and in providing

challenge where necessary.

In June 2025, PwC presented its

preliminary audit approach and scope

for the 2025 full-year audit and half-year

review, outlining key areas of focus. The

scope was subsequently updated in

December 2025 to take account of the

Group restructuring that was done to

prepare for the combination with the

DWTC, which was completed in January

2026. PwC also shared feedback and

insights on the ongoing audit work,

enabling us to monitor progress and

askquestions.

The Committee confirms that PwC’s

activities meet the requirements of

theFRC’s Audit Committees and the

External Audit: Minimum Standard.

Independence of the

externalauditor

Chris Burns continues to serve as the

lead audit partner responsible for

signing the audit opinion on behalf

ofPwC.

When assessing the independence and

objectivity of the external auditor, we

consider assurances and information

provided by PwC regarding the nature

of the non-audit services it provides,

aswell as any commercial business

relationships between PwC and

theGroup.

The Committee is satisfied that

therehave been no instances of

non-compliance or breaches of

independence during the year.

External auditor effectiveness

Our Committee conducts an annual

review of the external auditor’s

performance to evaluate how the

external audit service was delivered

and to identify areas for improvement.

The review assesses the quality of

audit planning, delivery and execution

– including audits of subsidiary

companies – as well as the technical

competence, strategic knowledge and

communication effectiveness of the

audit team.

Feedback on the quality of the 2025

external audit indicated a high

satisfaction rating overall. Theaudit

team continued to demonstrate a

strong understanding of the Group’s

business and the challenges it faces.

Early planning meetings offer a

constructive opportunity for all parties

to discuss previous challenges, agree

timelines and refinements for the

forthcoming audit, and set expectations.

The robustness of the audit process and

the increased use of technology,

including data analytics during the

audit, were particularly well received.

The Committee was satisfied that

theaudit plan had been successfully

delivered. After considering feedback

from the leadership team, including the

Group Finance Director and Head of

Group Finance, we concluded that the

quality, delivery and execution of the

2025 external audit were of a high

standard and effective.

Our Committee Chair, both separately

and with the Committee as a whole,

meets privately with the external

auditor regularly throughout the

year.These meetings provide an

opportunity to discuss progress

against recommendations from

previous reviews and address other

matters as required.

Providing non-audit services

The Group policy on external audit

defines the categories of non-audit

services that the external auditor may

or may not provide. Our Committee

must approve all non-audit services

provided by the external auditor and

we support their involvement in certain

non-audit services, where their existing

knowledge of the Group ensures

greater efficiency and effectiveness.

The Non-Audit Services Policy is

reviewed annually and permits

theexternal auditor to provide

thefollowing non-audit services

totheGroup:

• Reporting accountant services

• Assurance services relating to

financial statements in M&A

transactions, such as comfort

lettersfor any prospectus issued

• Tax advisory and compliance work

for non-EEA subsidiaries and

expatriate tax work

• Other non-audit services not

coveredor explicitly prohibited,

where the threat to independence

and objectivity is considered trivial

and safeguards are applied

Our Committee Chair pre-approves all

non-audit engagements of more than

£25,000 per assignment or £100,000

annually. The Chair confirms that all

engagements during 2025 were

appropriately approved.

In 2025, the Group incurred non-audit

fees totalling £0.5m (2024: £14.5m),

primarily for work related to the Group’s

half-year review and in relation to the

EMTN borrowing programme. PwC’s

total charged fees, including non-audit

fees, are detailed in Note 6 to the

Consolidated Financial Statements.

The FRC Revised Ethical Standard 2024

imposes a cap on annual non-audit fees

(this being 70% of the average audit fee

for the three previous financial years),

which will apply to Informa from 2026,

three years after PwC started as its

auditor. In preparation, the Group

Finance Director provides details of all

non-audit services and related fees at

each Committee meeting, while

management continues to monitor

non-audit fees to ensure compliance

when the cap becomes effective.

The Committee confirms that the

company has complied with the

provisions of the Competition and

Markets Authority’s Statutory Audit

Services for Large Companies Market

Investigation (Mandatory Use of

Competitive Tender Processes and

Audit Committee Responsibilities)

Order 2014 relating to tendering

andnon-audit services.

Governance

108

Informa Annual Report and Accounts 2025

Louise Smalley

Chair, Remuneration

Committee

On behalf of the Remuneration

Committee, I am pleased to report

onInforma’s approach to Directors’

remuneration in 2025, including the

outcomes of the short- and long-term

incentives for the period.

Compounding growth in 2025

Informa delivered an outstanding

performance in 2025, delivering

record revenues, operating profit

and free cash flow, further

progressing the One Informa

programme and returning over

£620m of capital to shareholders.

The performance led to market

guidance being increased several times

through the year, and in March 2026,

we reported revenues of over £4bn for

the first time (£4,041m), alongside

operating profit of £1,140m and free

cash flow of £885m. Underlying

revenue growth for the year was 6.3%,

rising to over 8% when excluding the

impact of non-recurring data contracts

and the consolidation of Informa

TechTarget.

These strong results and the Group’s

continuing outperformance versus

stretching budget targets and market

expectations led to positive

remuneration outcomes for many

colleagues at Informa. The 2025

Short-Term Incentive Plan outcomes

directly benefit around 1,200

colleagues, including the

ExecutiveDirectors.

During the year, the Group also

continued to invest in its future, with the

focus in 2025 predominantly on organic

investments largely connected to the

One Informa programme. Significant

time and resources are being committed

to this multi-year transformational

initiative, which is designed to make the

most of the platform Informa has built

over the last 10+ years. This includes

simplifying our technology stack to

reduce friction and improve customer

experience, making more of our

first-party data in marketing and

product development, leveraging the

Informa brand more fully across the

Group, maximising the international

reach we have built at Informa through

partnerships and brand extensions, and

fully embracing the potential of AI

throughout the Group.

In 2025, inorganic investments were

limited to a series of smaller

acquisitions, while significant focus was

put on integrating the businesses we

acquired in the prior year, including

Informa TechTarget and the Ascential

portfolio, the latter including the

creation of our experience-led events

division, Informa Festivals.

Colleague engagement

andsupport

Informa remains a business that

thrives on the creativity and

commitment of its colleagues. The

strength of our performance in 2025

was only possible due to the ongoing

tenacity and hard work of our 14,000±

colleagues across the world. Such

isthenature of Informa’s business,

particularly its B2B businesses, our

work can demand long and sometimes

unsociable hours across weekends to

design, build and furnish events spaces

for our customers.

The Group has changed beyond all

recognition over the last decade and,

while we remain listed in the UK,

Informa is now a major international

group with less than 5% of revenues

generated in the UK and more than

70% of our 14,000± colleagues working

across international markets. Today,

our major sources of revenue and

growth include North America, China,

South-East Asia, Latin America, the

Middle East, India and Africa, and as a

consequence, our headcount continues

to expand in these markets delivering

the growth. Over the last 18 months,

four of the leadership team have

moved closer to key international

Directors’ Remuneration Report

growth regions – the Group Chief

Executive, the CEO of Informa Markets,

the CEO ofInforma TechTarget and the

Director of Investor Relations relocated

to ensure we have optimal

international leadership presence. In

addition, two other divisional CEOs (of

Informa Connect and Taylor & Francis)

committed to spend at least one third

of their time within international

growth markets.

On behalf of the Board, I would

liketothank all our colleagues for

theircontinued contributions and

unwavering commitment to driving

Informa forward and delivering for our

customers and for each other.

As a Board, we deliberately spend as

much time as possible with many

different teams and individual

colleagues throughout the year, and it

is always striking how knowledgeable

and passionate everyone is, with a

deep understanding of their particular

market and region, as well as a

uniquely strong bond with Informa.

Culture is one of Informa’s real

strengths and the dynamic and

engaging workplace that has been

embedded across the world is a

powerful component underlying the

Group’s consistent outperformance.

The Board monitors culture and stays

closely connected to the wider

colleague community by scheduling

regular meetings with different teams

and colleagues, including maintaining

many direct lines of communication.

Many of the different colleague-run

networks have a Board representative

who meets with them regularly, while

our Non-Executive Director for

colleague engagement, Maria Kyriacou,

undertakes a range of other activities

with different teams in the business.

109

Informa Annual Report and Accounts 2025

GovernanceS F A

Directors’ Remuneration Report continued

In 2025, this included listening sessions

with colleagues from the acquired

businesses and meeting colleagues

acting as Showmakers at selected

events – an opportunity for our

colleagues to take on a real role at a

live event and gain deeper insight into

our business.

At each Board meeting, we welcome

representatives from different

businesses, who give presentations

onrecent developments or specific

initiatives. We also hold Board

meetings abroad and use the

opportunity to host town halls, make

site visits and participate in a range

ofother meetings and forums.

In 2025, we held our annual Board

Strategy Offsite in our New York office,

which enabled us to spend time with

different colleagues and host a town

hall where questions could be asked

directly to the Board in an open forum.

As part of the Board meeting, we invited

representatives from all our US-based

B2B brand teams to present an

overview of their business, its make-up

and the growth opportunities ahead.

We also used the opportunity to run a

series of listening workshops, which

were run by the Non-Executive

Directors, each hosting a small group of

New York-based colleagues for an open

discussion on a range of subjects such

as AI, first-party data and cross-team

collaboration, providing an opportunity

for Board members to share their

experiences and knowledge in these

areas while listening to ideas and

feedback first-hand from colleagues. In

addition, I particularly appreciated the

opportunity to meet with our colleagues

who joined us from Ascential to

understand directly their experiences

on becoming Informa colleagues and

their expectations for the future.

We hosted our 2025 AGM in France, so

that the Board could participate in the

Cannes Lions Festival of Creativity, a key

recent addition to the portfolio. Given

the importance of this brand and the

related creation of the Informa Festivals

division, we felt it was important for the

Board to spend time with the LIONS and

wider Festivals team and experience the

event itself, which is an international

showcase for the creative, technology

and marketing industries, and is now

Informa’s largest individual event.

This support was also reflected in voting

at the 2025 AGM, with 97% supporting

the Remuneration Report, following on

from 94% support for the Remuneration

Policy at the prior year’s AGM (covering

the 2025-2027 period).

Overview of 2025

remuneration outcomes

Business context

The strength of Informa’s operating

and financial performance in 2025 was

even more impressive given the level of

geopolitical uncertainty experienced

during the year. Ongoing conflict in

different parts of the world, shifts in

international trading patterns, and

speculation on the pace and scale of

the impact of AI technology made for

avolatile and unpredictable backdrop.

The Group overcame this uncertainty

todeliver record results, well ahead of

the internal and external targets set at

the start of the year. The Group also

continued to return capital to

shareholders, including around £270m

in ordinary dividends and £350m in

share buybacks, the latter taking total

capital returned through buybacks over

the last four years to over £1.84bn.

Consistently strong operating results

and exceeding financial targets in 2025

led to maximum outcomes for both

short- and long-term incentive plans.

Short-Term Incentive Plan

(STIP) outcomes

The 2025 STIP approach mirrored that

of 2024, focusing on a concentrated set

of output measures, with a strong bias

towards financial measures, in line with

the commitment made within the

Remuneration Policy for at least 75% of

STIP performance measures to be

financial in nature.

The exact measures aligned closely

with Informa’s stated priorities and

targets for the year, namely, underlying

revenue growth, operating margin

expansion and earnings momentum.

Full details on the 2025 STIP outturn are

provided in the table below, including a

summary of the performance measures,

the targets against which they were

assessed and how the Committee

reached its final decisions.

All these Board interactions provide

powerful opportunities to talk to teams

and colleagues and feel the pulse of

the company, hearing first hand the

views and thoughts of those dealing

with customers from day to day. They

also provide me with great opportunities

to discuss remuneration with a broad

cross-section of colleagues, which is

invaluable when considering incentive

plans and assessing outcomes relative

to the broader stakeholder experience.

In addition, the Board regularly

reviews colleague surveys and

interviews, including annual

engagement index scores measured

through the annual Pulse survey,

which remain consistently high.

Shareholder engagement

In the same way that the Board actively

engages with colleagues every year, we

ensure we find significant amounts of

time to spend with our shareholders.

This ensures there is a direct channel

of communication to the Board and we

hear first hand the latest thoughts,

trends and ideas from the investment

community, including on remuneration.

Our engagement with shareholders is

both formal and informal. Every year,

we host the Chair Annual Shareholder

Roadshow, now in its ninth consecutive

year, offering our shareholders an

opportunity to meet with the Chair

andother Non-Executive Directors

inperson to discuss anything and

everything in an open forum. In total,

the Chair met with more than a dozen

institutional shareholders on this

roadshow, representing circa 20% of

Informa’s equity base.

In 2025, throughout February and

March, Ijoined the Chair for several of

these roadshow meetings, providing

me with an opportunity to discuss the

latest thinking on remuneration and

toensure that the current framework

at Informa, which was introduced

following consultation in 2024

(andrenewed in 2025) continues to

meet shareholder expectations. The

discussions underlined the continuing

support for our current approach to

remuneration, which is providing

strong incentives for the leadership

team to keep delivering consistent,

strong operating performance.

Governance

110

Informa Annual Report and Accounts 2025

The Group delivered another strong year of growth, including record levels of revenue, adjusted operating profit and free

cash flow. This led to market guidance being raised several times and to delivering results well ahead of internal and

external expectations at the start of the year. This is reflected in strong outcomes for each of the three STIP performance

measures, all of which delivered at the top end of the target range.

For the Group Chief Executive, this resulted in a bonus of 200% of base salary, and for the Group Finance Director and Group

Chief Operating Officer, abonus of 150% of base salary. In line with the Directors’ Remuneration Policy, all STIP outcomes

above 100% of base salary will be paid in deferred shares, held for a minimum of three years.

STIP Measure Targets Outcomes % achieved

Financial delivery (80%)

1. Underlying revenue growth (30%) 4.50% to 6.25% 6.30% 30%

2. Adjusted earnings per share (50%) 54.0p to 56.5p 58.4p 50%

Operational delivery (20%)

3. Adjusted operating profit margin 27.0% to 28.0% 28.35% 20%

Total 2025 STIP outcome 100%

1 All measures are set and calculated on a constant currency basis. The outcome figures therefore differ slightly from the reported numbers

published in the headline result

Long-Term Incentive Plan (LTIP)

outcomes: 2021-2023 Equity

Revitalisation Plan (tranche 3)

The 2023-2025 long-term incentive

award vests on 16 March 2026, this

being the third and final tranche of the

Equity Revitalisation Plan (ERP). The ERP

is a restricted share plan that was

approved by shareholders in December

2020 and covered three equity awards

across the 2021-2023 period. At the

time, the medium-term outlook was

unpredictable due to the impact of the

pandemic on Informa’s operations, with

no visibility regarding if and when live

events might be possible again. This

made it very difficult to set three-year

performance targets that would provide

meaningful incentives for management.

While operating the ERP, the quantum

of both the long-term and short-term

incentives for Executive Directors was

substantially reduced and the vesting of

the ERP was subject to a series of

underpins that must be met for the

award to vest, including a share price

floor of 545.4p, this being the share

price at the time the award was granted.

The full three-year grant for the ERP was

made upfront in Q1 2021, with one third

of the grant vesting in each of 2024, 2025

and 2026 (tranches 1, 2 and 3

respectively), subject to the share price

underpin being met. The award for each

of the three tranches equated to 200% of

salary for the Group Chief Executive,

135% of salary for the Group Finance

Director and 125% of salary for the

Group Chief Operating Officer, whose

awards were made prior to being

appointed to the main Board.

The Committee can confirm that at the

time of writing, it is expected that the

underpin will be satisfied for tranche 3 of

the ERP and, therefore, this award will

vest in March 2026. The principal aim of

the ERP was to retain and motivate

Informa’s leadership team during a

period of significant uncertainty and

share price volatility. The underpin was

therefore set at a baseline level above

which the Committee was comfortable it

would be appropriate for restricted

share awards to vest over the next five

years. As we approach the vesting of the

final tranche of ERP awards, the

Committee is satisfied that the ERP

served its purpose as a retention tool

and an excellent driver of performance.

Informa has delivered a period of

sustained growth despite continued

macro uncertainty, with voluntary

turnover among leadership colleagues

under 10% since January 2021.

For Stephen A. Carter, this will result in

328,493 shares vesting, with 126,429

shares vesting for Gareth Wright and

102,426 shares vesting for Patrick

Martell. The awards for the Group

Chief Executive and Group Finance

Director are subject to an additional

two-year post-vesting holding period.

Remuneration outcomes:

stakeholder assessment

Following the calculation of outcomes

for the 2025 annual STIP and tranche 3

of the ERP covering the vesting period

from 2023 to 2025, the Committee

assessed the remuneration of the

Executive Directors in 2025 in the

context of the wider stakeholder

experience over the same period.

This included assessing the experience

of colleagues and how they had been

supported and rewarded through the

year, the share price performance

relative to financial outcomes and the

strategic decisions made by the

leadership team throughout the year.

The Committee also reviewed the

outcomes relative to the point at which

awards were made, to reflect on

whether there were any unexpected

circumstances or specific factors to

consider. In this respect, on the ERP

outcome, the Committee considered

the share price when the award was

made in Q1 2021. At that time, the

Committee sought to deal with the

projected sustained period of share

price volatility given our business

model and any unexpected outcomes

through the reduced quantum of the

restricted share award relative to

historical LTIP grants and the minimum

share price underpin that had to be

satisfied for the award to vest.

The Committee is satisfied that the

performance of the equity over and

above the minimum share price

underpin reflects consistent

operational and financial delivery by

management, the successful delivery

of the Group’s key GAP 2 targets and

consistently strong capital allocation.

Since the grant of ERP awards in

January 2021, Informa’s share price

did not experience an immediate

rebound to pre-pandemic levels.

Instead, it has steadily recovered

through compounded growth, driven

by the collective efforts of a committed

leadership team and the dedication of

colleagues across the business.

111

Informa Annual Report and Accounts 2025

GovernanceS F A

Having reviewed all the above and

comparing the out-turn relative to the

long-term average rewards at Informa

and relevant peers, the Committee is

satisfied that the STIP and ERP outcomes

for 2025 are fair, proportionate and

aligned with the strong performance

ofthe Group.

Accordingly, no adjustments have

beenmade to the formulaic outcomes

presented in this report.

Remuneration framework

for2026

Following strong support and

endorsement for both the renewal of

the 2025-2027 Directors’ Remuneration

Policy at the 2024 AGM and the

Remuneration Report at the 2025 AGM,

the Committee is adopting the same

STIP and LTIP structure and measures

for 2026, with target ranges being

updated appropriately.

In 2026, the Committee is granting LTIP

awards in line with the awards granted

last year, which align with the market

and reflect the tenure, calibre and

consistent contribution of our most

senior leaders. This equates to an award

of 400% of base salary for the Group

Chief Executive and 300% of base salary

for the Group Finance Director and

Group Chief Operating Officer.

The measures within the STIP and LTIP

are directly linked to the ongoing

priorities for the Group, namely,

underlying revenue growth, faster

underlying profit and earnings growth,

strong cash flow generation and the

effective use of capital.

The Committee believes that, in

combination, the short- and long-term

measures provide a strong set of

incentives to the leadership team, which

will drive continuing strong outcomes

for the Group and our shareholders.

Colleague salary increases

In 2026, we have continued to prioritise

base salary increases for colleagues at

lower levels of pay, ensuring that our

investment has a greater impact where

it is needed most, while maintaining

fairness and alignment with our overall

compensation strategy.

While there remain some minor regional

variations to reflect specific in-country

inflation and cost of living pressures,

theaverage base salary increase for the

vast majority of colleagues will be circa

3%, subject to individual performance,

with additional increases on a point basis

to reflect merit rises and promotions.

For those colleagues on higher levels of

pay, above a threshold of £150,000 base

salary, or local equivalent, base salaries

will increase by up to 2%.

The Committee feels that this provides

a fair and reasonable base level of

increase for colleagues in the current

economic environment, with inflation

now more normalised in most countries

and interest rates steadily declining.

Executive Directors’ salaries

In line with our differenciated

approach, Executive Directors’ base

salaries will increase at the lower level

of 2% in 2026, ensuring that cost-of-

living rises are focused where they will

have the greatest impact for individuals

across the Group.

The success of the team does not

gounnoticed and makes our leaders

highly sought after by other companies,

particularly given the international nature

of Informa. Our ability to retain our

established and proven leadership

team, and to attract new international

talent as we grow, depends on the

flexibility wehave to reward our leaders

fairly for success and to maintain the

integrity of relative pay differentials

internally, as we invest in our

international talent.

The Committee will continue to track

and benchmark Executive Director

salaries against peers within the

FTSE100 and internationally. We are

fortunate to have executive leaders

who have been working together for

over a decade, much longer than the

FTSE average, and this continuity and

cohesion is a key element that makes

the team so effective and successful.

Fees for the Chair and the

Non-Executive Directors

In 2025, we increased fees for the

Chairand Non-Executive Directors

toalign them more closely to the

FTSE100 median. This followed

abenchmarking exercise which

highlighted that a significant gap

hadopened up over the last decade,

through a period when Informa had

become a significantly larger, more

international and complex business,

demanding more time and commitment

from our Non-Executive Directors.

Having narrowed the gap last year, in

2026, Chair and Non-Executive Director

fees will increase by 2%, mirroring the

increase in base salaries for the

Executive Directors, at the lower level

of increases across the wider group.

2026 STIP

In 2026, we are keeping the structure,

measures, weightings and quantum

ofthe STIP constant from the

previousyear.

This means that the STIP is once more

focused on a concentrated set of

output measures, with 100% of

measures being financial metrics, in

line with our Policy commitment for

atleast 75% of STIP performance

measures to be financial in nature.

These measures align closely with

Informa’s stated priorities for 2026,

namely, further underlying revenue

growth, underlying margin expansion

and earnings momentum.

2026 LTIP

Following the strong endorsement

ofthe 2025-2027 Remuneration Policy

at the 2024 AGM (94%) and the high

level of support for the Remuneration

Report in 2025 (97%), the Committee

isadopting the same approach for

the2026 LTIP award as last year,

withtarget ranges being updated

accordingly and no change to quantum.

The measures include a strong weighting

towards financial output measures over

strategic input measures, with a direct

link to the Group’s forward ambitions for

further profitable growth, strong cash

generation, ESG delivery and continuing,

strong shareholder returns.

The Committee believes that these

measures remain equally relevant

forthe 2026-2028 three-year period

and so remain unchanged across

fourcategories: cumulative operating

cash flow (30% weighting), cumulative

adjusted operating profit (30%),

relative total shareholder return

(30%)and Environmental, Social

andGovernance (10%).

Directors’ Remuneration Report continued

Governance

112

Informa Annual Report and Accounts 2025

These long-term measures also remain clearly aligned with the in-year measures for the 2026 STIP as detailed above, which

are more directly focused on near-term revenue growth, margin expansion and earnings growth.

The target ranges outlined in the table below reflect the potential outcomes of the LTIP from threshold to maximum. They

were determined with reference to market practice, internal three-year business plan forecasts for Informa and external

market consensus expectations, where appropriate. The Committee believes that they provide stretching but realistic

targets and will provide an effective incentive for the Executive Directors to deliver strong results over the period.

2026 LTIP measures

Measure Weighting

2026-2028

target range Details and rationale

1 Cash and financial returns 60%

Cumulative adjusted

operatingprofit

30% £3.50bn to £3.80bn An absolute adjusted operating profit target over the three-year

performance period. This is a core measure of growth and profitability

for Informa and a key KPI for all leaders in the business, as well as a

closely tracked metric for the investment community.

Cumulative operating

cash flow

30% £3.10bn to £3.40bn An absolute operating cash flow target over the three-year performance

period. This is another core measure of performance for Informa, and a

key attraction to investors is its ability to convert operating profit into

cash flow. It is also well understood byparticipants.

2 Shareholder returns 30%

Relative total shareholder

returns against our FTSE 100

peergroup

30% 50th percentile to

75th percentile

A measure of total shareholder returns over the three-year

performance period compared to the FTSE 100 Index, excluding

Financial Services and Natural Resources companies. It provides an

external indicator of value relative to the wider market, providing close

alignment with the shareholder experience.

3 Environmental, Social

&Governance

10%

The Sustainable Event

Fundamentals programme:

Implementation and

performance against our

Sustainable Events

Fundamentals framework

10% 455 to 535

Fundamentals

accredited events

The Sustainable Event Fundamentals programme is the core operating

delivery measure within Informa’s FasterForward sustainability

programme, directly linked to the delivery of long-term ESG targets. It

requires events teams globally to accept, adopt and embed operating

structures and activities that directly improve the impact of each individual

brand, with major emphasis on carbon and waste reduction (e.g. reusable

stands, renewable electricity, carbon reduction, travel efficiency, etc.) as

well as embedding sustainability content into our brands to help accelerate

sustainable impacts in our customer markets, and enhance our economic

and social impact on our host cities. Over the next three years, increasing

the number of events accredited to our Fundamentals standard across the

Group is critical to meeting our long-term ESG targets, including net zero,

net zero waste and community impact.

All-colleague share plans

Over the last 10+ years, the company

has worked to provide colleagues

with more ways and greater

incentives to invest and own shares

in Informa. We believe that equity

ownership creates real alignment

with the Group’s strategy and

motivates colleagues to go the extra

mile. This is good for customers,

good for the company and, ultimately,

good for colleagues, particularly

those who choose to invest in the

company’s shares.

Our main share plan, ShareMatch, was

launched over 10 years ago and we have

steadily improved the benefits on offer,

with colleagues now receiving two free

shares for every one share purchased,

up to the annual investment limit of

£1,800. Those colleagues who have

participated in ShareMatch every year

from its launch, without selling any

shares, today have a portfolio valued at

over £70,000 in return for an investment

of just over £20,000 over the period.

As ShareMatch has evolved, we have

strived to make it available in as many

locations as possible around the world,

and in 2025, colleagues from 25

countries could participate in one of

our equity plans. As at 31 December

2025, nearly 3,000 colleagues have

chosen to do so, representing 20% of

the full-time colleague community, a

significant increase on the sub-2% of

colleagues who owned Informa shares

before ShareMatch was launched.

Compounding growth

in 2026

On behalf of the Committee, I would like

to congratulate the company and all its

colleagues on their performance in2025

and thank everyone for their continued

commitment to the Group. Itis fantastic

to see so much progress being made in

our different businesses across the

world and equally satisfying to see this

commitment rewarded appropriately

through our incentive programmes.

I know that I speak for all of the Board

when I say that we cannot wait to see

the further progress that can be made

in 2026. We look forward to providing

support and constructive challenge to

help the Group keep delivering for all

its stakeholders.

Thank you to my Committee colleagues

and other Board colleagues for their

continued support and contributions

through the year.

Louise Smalley

Remuneration Committee Chair

11 March 2026

113

Informa Annual Report and Accounts 2025

GovernanceS F A

Remuneration Committee governance

Our activities in 2025

The Committee is responsible for all executive remuneration decisions, including

setting appropriate performance metrics and ranges for the short- and long-term

incentive awards and considering the outcomes under these plans.

The Committee is also responsible for determining the Directors’ Remuneration Policy

and for setting the remuneration for the Board Chair, Executive Directors and senior

management, as well as reviewing colleague remuneration and related policies.

The key matters discussed and approved by the Committee during the year were:

January

2025

• Reviewed the draft Directors’ Remuneration Report for the 2024 Annual Report

• Reviewed the letter to shareholders providing an update on Executive

Directorremuneration

• Considered the 2024 leadership incentive outcomes for the 2024 STIP and the

2022-2024 long-term incentive awards

• Approved upwards revised performance targets for the 2024-2026 LTIP award

following two portfolio additions – Ascentialplc and TechTarget, Inc.

March

2025

• Considered the appropriateness of, and approved, the outcome of the 2024 STIP

• Considered and approved measures and targets for the 2025 LTIP

• Considered and approved the 2025 long-term incentive award levels for

Executive Directors, senior management and key talent

• Approved the Directors’ Remuneration Report for the 2024 Annual Report

• Discussed good leaver treatment for eligible departing colleagues

• Agreed an outline relocation package for the Group Chief Executive

July 2025 • Received the annual update on leadership colleague fixed and variable remuneration

• Approved long-term incentive awards to new colleagues and those with role changes

• Approved equity awards for the 2023 and 2024 graduate cohort

• Considered the results of voting at the 2025 AGM, and proxy agency and

investorfeedback

• Discussed good leaver treatment for eligible departing colleagues

• Received an update on the performance of the 2025 Leadership STIP and

in-flight 2024-2026 LTIP awards

• Received an update on governance and remuneration trends from FIT

Remuneration Consultants

December

2025

• Reviewed and approved minor changes to the Committee Terms of Reference

• Agreed the framework for 2026 pay reviews, including for all colleagues, the

Board Chair, Executive Directors and members of the Executive Committee

• Considered the indicative outcomes of the 2025 Leadership STIP

• Considered and approved the framework and weightings for the 2026 STIP and

2026 LTIP

• Noted the proposed 2026 LTIP awards to the Executive Directors, and members

of the Executive Committee, and delegated authority to the Group Chief

Executive and Group HR Director to finalise the 2026 long-term incentive awards

for the senior leadership team

• Discussed good leaver treatment for eligible departing colleagues

• Noted a letter sent to the Committee Chair by the Investment Association

regarding the implementation of its Principles of Remuneration

Shareholder voting at the AGM

The table below provides details of votes cast by shareholders in respect of the

resolutions on the Directors’ Remuneration Report at the 2025 AGM and the

Directors’ Remuneration Policy at the 2024 AGM. The Policy can be found on the

corporate governance section of our website.

Votes for

Number %

Votes against

Number % Total votes cast

Votes withheld

(abstentions)

Directors’

Remuneration Report

(19.06.2025) 1,040,420,001 97.07 31,351,673 2.93 1,071,771,674 51,247

Directors’

Remuneration Policy

(21.06.2024) 936,112,080 93.81 61,737,898 6.19 997,849,978 26,380,640

Directors’ Remuneration Report continued

Committee

responsibilities

• Determine and agree the

framework or broad policy for

the remuneration of the Board

Chair, Executive Directors and,

on the recommendation of

theGroup Chief Executive,

theRemuneration Policy for

senior management.

• Approve the total individual

remuneration package of the

Executive Directors and

members of senior

management, including

determining pension

arrangements.

• Approve the design of any

share incentive plans for

approval by shareholders and

determine each year whether

awards will be made and the

overall amount of such awards.

• Monitor whether Executive

Directors meet the approved

Executive Directors and

determine any post-employment

shareholding requirements.

The Committee’s full terms

ofreference are available on

ourwebsite.

Committee membership

Louise Smalley has been Chair of

the Remuneration Committee

since January 2022, working

alongside our other Committee

members, Catherine Levene,

Andy Ransom and Zheng Yin.

Each Committee member is an

independent Non-Executive

Director and their biographies

are given on pages 79 to 81.

The Board Chair, Group Chief

Executive, Group Finance Director,

Group HR Director and Director

ofInvestor Relations are typically

invited to attend meetings as

required. None are members of

the committee and they do not

attend meetings when their own

remuneration is discussed.

All Non-Executive Directors have

an open invitation to attend

Committee meetings.

The Group Company Secretary is

secretary to the Committee and

attends all meetings.

Governance

114

Informa Annual Report and Accounts 2025

Annual Report on Remuneration

This section sets out how the Directors’ Remuneration Policy was applied for the year ended 31 December 2025 and the

remuneration outcomes for the Executive and Non-Executive Directors.

Any information contained in this section of the report that is subject to audit has been highlighted.

Single total figure of remuneration for Executive Directors (audited)

Base

salary

Benefits

Pensions

Total fixed

pay

Short-term

incentive

awards

Long-term

incentive

awards

Total

variable

pay Total pay

Stephen A. Carter 2025 1,003,375 152,176 100,338 1,255,889 2,050,000 2,579,327 4,629,327 5,885,216

2024 931,625 50,826 93,162 1,075,613 1,877,000 2,535,285 4,412,285 5,487,898

Gareth Wright 2025 574,375 16,048 57,438 647,861 876,000 992,721 1,868,721 2,516,582

2024 541,500 16,295 54,150 611,945 818,250 975,767 1,794,017 2,405,962

Patrick Martell 2025 497,000 461,075 49,700 1,007,775 753,000 804,249 1,557,249 2,565,024

2024 475,125 60,087 47,513 582,725 723,000 790,516 1,513,516 2,096,241

1 Executive Directors’ salaries are reviewed annually. In 2025, the Executive Directors received a 4% cost of living increase in line with the wider

workforce. The Group Chief Executive and Group Finance Director also received an additional market adjustment of 5% and 3% respectively,

following a detailed consultation and review of executive pay. Full details on this review can be found on pages 119 to 120 of the 2024 Directors’

Remuneration Report. With effect from 1 April 2025, base salaries were set at £1,025,000 for Stephen A. Carter, £584,000 for Gareth Wright and

£502,000 for Patrick Martell

2 Benefits provided to the Executive Directors typically include (but are not limited to) private medical and life insurance, travel insurance, car

benefits (such as a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where appropriate, and

the value of ShareMatch matching share awards. In addition, when the company requests colleagues to relocate to another country, as was the

case for the Group Chief Executive and Group Chief Operating Officer in 2025, relocation/dislocation costs are covered in accordance with our

internal relocation policies. These costs include (but are not limited to) overseas rental accommodation support, travel for colleagues and their

families where appropriate, and, where relevant, education support. The numbers shown above for the direct benefits to colleagues are the

gross tax equivalent

3 The Executive Directors receive cash payments in lieu of pension contributions at a rate of 10% of base salary in line with the contribution available

to a range of other colleagues. None of the Executive Directors is a member of the Group’s defined benefit pension schemes and accordingly no

entitlements have accrued under these schemes

4 The final tranche of the long-term restricted share award granted in 2021 is expected to vest and become exercisable in full on 16 March 2026

following the assessment of the share price underpin. The estimated value of the award (including accrued dividend shares) has been calculated

using the closing share price on 10 March 2026 (785.2p), being the nearest practicable date to the vesting date. The share price at grant was

545.40p and the impact of share price appreciation on the value of the award is shown on page 116. The actual value at vesting will be disclosed in

the 2026 Directors’ Remuneration Report

Short-term incentive awards (annual bonus) (audited)

The maximum annual bonus opportunity for the Executive Directors in 2025 was 200% of base salary for the Group Chief

Executive and 150% for the other Executive Directors, in line with the Directors’ Remuneration Policy approved in June 2024.

The targets for the 2025 STIP were divided into three focused measures, with a strong bias to financial measures. These

measures and their weightings were: underlying revenue growth – 30%, adjusted earnings per share – 50% and adjusted

operating profit margin – 20%. On meeting threshold performance, 25% of the bonus is payable, at target, 50% of the bonus is

payable, rising to 100% payment at maximum, in each case increasing on a straight-line basis between performance metrics.

The Committee considered each of the measures in turn to determine the aggregate outcome of the annual bonus.

Measure

Threshold Target Maximum Outcomes % achieved

Financial delivery (80%)

1. Underlying revenue growth 4.50% 5.50% 6.25% 6.30% 30%

2. Adjusted earnings per share 54.0p 55.25p 56.5p 58.4p 50%

Operational delivery (20%)

3. Adjusted operating profit margin 27.0% 27.5% 28.0% 28.35% 20%

Total 2024 STIP outcome 100%

1 All measures are set and calculated on a constant currency basis. Theoutcome figures therefore differ slightly from the reported numbers

published in the headline result

115

Informa Annual Report and Accounts 2025

GovernanceS F A

Combining the outcomes of all three objectives resulted in an aggregate annual incentive award of 100% of the maximum

opportunity being earned by the Executive Directors in 2025. In line with the Policy, the equivalent of 100% of base salary

will be paid in cash, with the remainder being deferred into shares under the rules of the Deferred Share Bonus Plan (DSBP).

DSBP shares must be held for a further three years before they vest and are subject to malus and clawback provisions.

Long-term incentive awards (audited)

The long-term incentive award for the 2023-2025 period is tranche 3 of the 2021-2023 Equity Revitalisation Plan and is

expected to vest on 16 March 2026. The ERP is a restricted share plan, approved by shareholders in December 2020 and

covering three equity awards across the 2021-2023 period.

Vesting is subject to a series of underpins, including a requirement for the share price to be above 545.4p on the date of

vesting, this being the share price at the time of grant. Other conditions relate to continued employment, participation in the

Group’s all-colleague share schemes and meeting minimum shareholding requirements (see page 117).

In January 2026, the Committee assessed the remuneration of the Executive Directors in the context of the wider

stakeholder experience, as detailed on page 111, and confirmed that, with the exception of the share price underpin, which

can only be assessed at vesting, all conditions for the 2023-2025 award have been satisfied. The award is therefore expected

to vest in full in March. Since the grant of ERP awards in January 2021, Informa’s share price did not experience an immediate

rebound to pre-pandemic levels. Instead, it has steadily recovered through compounded growth over the course of the

five-year ERP period and served as an excellent retention tool, with over 90% of ERP colleagues still working for Informa today.

Stephen A. Carter and Gareth Wright are required to hold the awards for a further two years post-vesting, during which time

they may only sell shares to cover tax or meet other regulatory requirements. Patrick Martell was not an Executive Director

at the time of grant and is therefore not subject to the post-vesting holding period. He does, however, have a substantial

shareholding of 483% of salary as at 31 December 2025 (see pages 117 to 118).

Director

Number of

options granted

Face value

ofaward on

dateofgrant

Proportion

vesting

Total value of

options vesting

Total number

ofoptions

exercisable

Impact of

shareprice

appreciation/

(depreciation)

since grant

Value of

dividend shares

on vesting

Stephen A. Carter 308,714 £1,683,726 100% £2,424,022 328,493 £740,296 £155,305

Gareth Wright 118,817 £648,028 100% £932,951 126,429 £284,923 £59,769

Patrick Martell 96,259 £524,997 100% £755,826 102,426 £230,829 £48,423

1 Share price on grant was 545.4p

2 Based on the closing share price on 10 March 2026 (785.2p), being the nearest practicable date to the vesting date

3 Including dividend shares

4 Calculated by subtracting the face value of vesting awards at the grant date from the closing share price on 10 March 2026, excluding

dividend shares

Share awards granted during the year (audited)

2025 Long-term incentive awards

The Executive Directors were granted the following long-term incentive awards in April 2025:

Director Type of award

Number of options

awarded

Value as a percentage of

base salary

Face value at date of

award

Stephen A. Carter LTIP option 618,662 400% £4,099,997

Gareth Wright LTIP option 264,365 300% £1,752,000

Patrick Martell LTIP option 227,245 300% £1,505,998

1 The face value of awards granted on 14 April 2025 was calculated using the 5-day average share price prior to the grant date (this being 662.72p)

The performance targets for the 2025 LTIP award (set out below) were agreed prior to the awards being granted in April 2025.

The grant was made on 14 April 2025, in line with the prior year (the 2024 grant was made on 15 April 2024). The grant share

price for the 2025 LTIP award was lower than the grant price for the 2024 LTIP award. The share price movements at the time

of the 2025 grant reflected wider market uncertainty and macro-economic volatility but were within ± 10% of the three-year

average share price to 14 April 2025. The Committee considers it important to maintain a competitive and consistent pipeline

of awards with appropriate stretching targets, which help to retain and motivate long-serving Executive Directors in line with

the Policy approved by shareholders at the 2024 AGM.

Directors’ Remuneration Report continued

Governance

116

Informa Annual Report and Accounts 2025

2025 LTIP measures

Measure Weighting

2025-2027

target range Details and rationale

1 Cash and financial returns 60%

Cumulative adjusted

operating profit

30% £3.35bn to £3.70bn An absolute adjusted operating profit target over the three-year

performance period. This is a core measure of growth and profitability

for Informa and a key KPI for all leaders in the business, as well as a

closely tracked metric for the investment community.

Cumulative operating

cashflow

30% £3.00bn to £3.30bn An absolute operating cash flow target over the three-year performance

period. This is another core measure of performance for Informa, and a

key attraction to investors is its ability to convert operating profit into

cash flow. It is also well understood by participants.

2 Shareholder returns 30%

Relative total shareholder

returns against FTSE 100

peergroup

30% 50th percentile to

75thpercentile

A measure of total shareholder returns over the three-year

performance period compared to the FTSE 100 Index, excluding

Financial Services and Natural Resources companies. It provides an

external indicator of value relative to the wider market, providing close

alignment to the shareholder experience.

3 Environmental, Social

&Governance

10%

Implementation and

performance against our

Sustainable Events

Fundamentals framework

10% 440 to 520

Fundamentals

accredited events

The Sustainable Event Fundamentals programme is the core operating

delivery measure within Informa’s FasterForward sustainability

programme, directly linked to the delivery of long-term ESG targets. It

requires events teams globally to accept, adopt and embed operating

structures and activities that directly improve the impact of each

individual brand, with major emphasis on carbon and waste reduction

(e.g. reusable stands, renewable electricity, carbon reduction, travel

efficiency, etc.) as well as embedding sustainability content into our

brands to help accelerate sustainable impacts in customer markets, and

enhance our economic and social impact on our host cities. Over the

next three years, increasing the number of events accredited to our

Fundamentals standard across the Group is critical to meeting our

long-term ESG targets, including net zero, net zero waste and

community impact.

If any of the measures achieve threshold performance, 25% of the respective measure will vest, increasing to 62.5% vesting at

target and 100% vesting at maximum performance. Awards will vest on a straight-line basis between threshold and maximum.

Payments to former Directors or for loss of office (audited)

There were no payments to former Directors or for loss of office during the year.

Executive Directors’ share ownership (audited)

Shareholding requirements

Equity ownership by the Executive Directors, the wider management team and general colleague base is an important and

effective way to align their interests with those of our shareholders. Executive Directors are expected to meet the guideline

within five years of 16 June 2022 or their date of appointment, whichever is the later, and to maintain this holding throughout

their term of office. The Group Chief Executive is expected to retain a shareholding of 400% of base salary, while other

Executive Directors are expected to retain a shareholding of 275% of base salary.

In addition, the Group Chief Executive is required to retain a shareholding of 200% of base salary for two years after

resignation. All other Executive Directors are required to retain a shareholding of 150% of base salary.

Executive Directors’ shareholdings

Stephen A. Carter

Gareth Wright

Patrick Martell

735%

400%

483%

275%

1,067%

Shareholding requirement Shareholding % as at 31 December 2025

117

Informa Annual Report and Accounts 2025

GovernanceS F A

The beneficial interest of each Executive Director in the company’s shares (including those held by connected persons) as at

31 December 2025 and their anticipated beneficial interests as at 16 March 2026 (this being the date when the 2023-2025

long-term incentive awards will vest) are set out below:

Director

Beneficial

holding

Match

Total share

interests at

31/12/2025

Illustrative

value of

interests at

31/12/2025

Interests as

% of salary

31/12/2025

ERP awards

vesting

16/03/2026

Total share

interests at

16/03/2026

Illustrative

value of

interests at

16/03/2026

Interests as

% of salary

16/03/2026

Stephen A. Carter 802,111 8,435 810,546 £7,537,622 735% 328,493 808,790 £6,350,619 620%

Gareth Wright 659,972 10,188 670,160 £6,232,111 1067% 126,429 796,589 £6,254,817 1071%

Patrick Martell 253,699 6,989 260,688 £2,424,252 483% 102,426 363,114 £2,851,171 568%

1 Beneficial interests include ordinary shares, DSBP awards and vested exercisable awards on a gross of tax basis. At 31 December 2025, Stephen A.

Carter held 660,498 exercisable long-term incentive awards (inclusive of accrued dividend awards)

2 Shares held under the all-colleague ShareMatch Scheme are made up of shares purchased by the Executive Director, shares ‘matched’ by the

Group and accrued dividend shares

3 Valued using the three-month average share price to 31 December 2025 (929.94p)

4 Stephen A. Carter exercised and sold his 2021-2023 long-term incentive awards and related dividends (330,249 shares) on 22 January 2026 at a

price of 934.35p per share. The cost of exercise was £330.25

5 Valued using the closing share price on 10 March 2026 (785.2p), being the nearest practicable date to the vesting date

Outstanding share awards at 31 December 2025 (audited)

The table below shows details of outstanding awards held by the Executive Directors as at 31 December 2025 and any

movements during the year. Long-term incentive awards are subject to the achievement of performance conditions set at

grant. Deferred Share Bonus Plan (DSBP) awards are based on prior achievement of annual performance conditions and are

exercisable from the third anniversary of grant.

Director/

Scheme

Date of grant

Shares awarded

or available for

exercise

Exercised

during 2025

Granted during

2025

Lapsed during

2025

Unexercised or

unvested

awards at 31

December

2025

Date options

exercisable

Option

expirydate

Stephen A. Carter

LTIP

24/03/2020 324,958 (324,958) – – – 24/03/2023 23/03/2030

15/04/2024 377,958 – – – 377,958 15/04/2027 14/05/2034

14/04/2025 618,662 618,662 14/04/2028 13/04/2035

DSBP 24/03/2020 58,297 (58,297) – – – 24/03/2023 23/03/2030

14/04/2025 141,613 141,613 14/04/2028 13/04/2035

ERP 12/01/2021 308,712 – – – 308,712 12/01/2024 11/01/2031

12/01/2021 308,712 – – – 308,712 12/01/2025 11/01/2031

12/01/2021 308,714 – – – 308,714 16/03/2026 11/01/2031

Gareth Wright

LTIP 15/04/2024 152,091 – – – 152,091 15/04/2027 14/05/2034

14/04/2025 – – 264,365 – 264,365 14/04/2028 13/04/2035

DSBP 14/04/2025 – – 41,156 – 41,156 14/04/2028 13/04/2035

ERP

12/01/2021 118,816 (118,816) – – – 12/01/2025 11/01/2031

12/01/2021 118,817 – – – 118,817 16/03/2026 11/01/2031

Patrick Martell

LTIP 15/04/2024 164,250 – – – 164,250 15/04/2027 14/05/2034

14/04/2025 – – 227,245 227,245 14/04/2028 13/04/2035

DSBP 14/04/2025 – – 36,365 36,365 14/04/2028 13/04/2035

ERP

12/01/2021 96,259 (96,259) – – – 12/01/2025 11/01/2031

12/01/2021 96,259 – – – 96,259 16/03/2026 11/01/2031

1 Vesting conditions: DSBP awards are subject to continued service, LTIP awards are subject to continued service and performance conditions

assessed at the end of the relevant performance period, and ERP awards are subject to continued service and a financial share price underpin

(545.5p) being met

2 Excludes accrued dividends

3 On 29 July 2025, Stephen A. Carter exercised the vested LTIP and DSBP awards granted in 2020 plus 23,681 related dividend shares (406,936

options in total). The cost of exercise was 0.1p per share for LTIP awards and £1 in total for the DSBP awards. He sold all shares at a market price of

864.79p per share

4 On 11 March 2025, Gareth Wright exercised the vested second tranche of the ERP award granted in 2021 plus 5,318 related dividend shares

(124,134 options in total). The cost of exercise was 0.1p per share. He sold 59,142 shares to settle taxes and other fees due on exercise at a market

price of 736.49p per share. Gareth Wright is required to hold the net shares until 12 January 2027

5 On 14 and 15 January 2025, Patrick Martell exercised the vested second tranche of the ERP awards granted in 2021 plus 4,308 related dividend

shares (100,567 options in total). The cost of exercise was 0.1p per share. He sold 31,879 shares on 14 January 2025 at a market price of 805.00p per

share and the remaining 68,888 shares on 15 January 2025 at a market price of 808.07p per share

Directors’ Remuneration Report continued

Governance

118

Informa Annual Report and Accounts 2025

Single total figure of remuneration for the Chair and Non-Executive Directors (audited)

The remuneration of the Chair is determined by the Committee in consultation with the Group Chief Executive, while that of

the Non-Executive Directors is determined by the Chair and Executive Directors within the limits set by the Articles of

Association. The table below shows the actual fees paid to all Non-Executive Directors at 31 December 2025 and 2024.

2025 2024

Director Fees Benefits

Total Fees Benefits

Total

John Rishton (Chair) 450,625 7,259 457,884 419,375 7,678 427,053

Louise Smalley (Senior Independent Director

andRemunerationCommittee Chair) 114,325 2,996 117,321 85,610 2,196 87,806

Maria Kyriacou 78,400 996 79,396 34,133 – 34,133

Catherine Levene 78,400 7,227 85,627 8,762 – 8,762

Andy Ransom 78,400 652 79,052 72,887 223 73,110

Gill Whitehead (Audit Committee Chair) 97,335 2,427 99,762 88,475 4,548 93,023

Joanne Wilson 78,400 1,174 79,574 72,887 – 72,887

Zheng Yin 78,400 1,455 79,855 72,887 3,888 76,775

1 Benefits comprise the notional benefit of preparing and filing tax returns for Non-Executive Directors based outside the UK, together with

reasonable travel, subsistence, accommodation and other expenses incurred by the Chair and Non-Executive Directors in the course of

performing their duties and which are deemed by HMRC to be taxable in the UK. The Non-Executive Directors, including the Chair, do not receive

private healthcare or life assurance and are not eligible to join the company’s pension schemes or share plans

Chair and Non-Executive Directors’ share ownership (audited)

Details of the Non-Executive Directors’ interests in shares (including those held by connected persons) at 31 December 2025

and 2024 are set out below:

Directors Shareholdings as at 31 December 2025 Shareholdings as at 31 December 2024

John Rishton 22,324 19,716

Louise Smalley 13,050 8,000

Maria Kyriacou 6,000 0

Catherine Levene 2,200 0

Andy Ransom 13,730 13,730

Gill Whitehead 4,184 4,184

Joanne Wilson 5,740 5,612

Zheng Yin

0 0

1 Capital control measures currently prevent Chinese citizens from investing in UK securities

Between 31 December 2025 and the date of this report, there were no changes to the shareholdings shown above.

119

Informa Annual Report and Accounts 2025

GovernanceS F A

Other remuneration disclosures

Directors’ service contracts and letters of appointment

Details of the service contracts of the Executive Directors and the letters of appointment of the Non-Executive Directors at

31 December 2025 were as follows:

Directors Date of appointment

Date of current service contract or

letterof appointment

John Rishton 1 September 2016 5 January 2021

Stephen A. Carter 11 May 2010

27 March 2025

Gareth Wright 9 July 2014 9 July 2014

Patrick Martell 1 March 2021 1 March 2021

Louise Smalley 1 October 2021 30 September 2021

Maria Kyriacou 15 July 2024 12 July 2024

Catherine Levene 19 November 2024 18 November 2024

Andy Ransom 15 June 2023 8 March 2023

Gill Whitehead 1 August 2019 23 July 2019

Joanne Wilson 1 October 2021 30 September 2021

Zheng Yin 20 December 2021 16 December 2021

1 Stephen A. Carter was appointed as a Non-Executive Director on 11 May 2010, CEO-Designate on 1 September 2013, and became Group Chief

Executive in late 2013

The Executive Directors have rolling service contracts with the company that have notice periods of 12 months on either

side. The company may terminate an Executive Director’s appointment with immediate effect without notice or payment in

lieu of notice under certain circumstances, as prescribed within the Executive Director’s service contract.

The letters of appointment for the Non-Executive Directors do not contain fixed-term periods and can be terminated by

either party giving three months’ notice. The Non-Executive Directors are appointed with the expectation that they will

serve for a maximum of nine years, subject to re-election at each AGM.

The service contracts of the Executive Directors and letters of appointment of the Non-Executive Directors are available for

inspection at the registered office during normal business hours and at the AGM.

Comparison of the Group Chief Executive’s remuneration to TSR

The graphs below illustrate the Group’s TSR performance compared with the performance of the FTSE All-Share Media Index

and the FTSE 100 peer group in the 10-year period ended 31 December 2025. This index and peer group have been selected

for this comparison because the Group is a constituent company of both.

2023

100

150

200

300

250

2015 2016 2017 2018 2019 2020 2021 2022

Informa FTSE 10 0

2024

2025

2023

100

150

200

250

300

2015 2016 2017 2018 2019 2020 2021 2022

Informa FTSE All-Share Media

2024

2025

Directors’ Remuneration Report continued

Governance

120

Informa Annual Report and Accounts 2025

The following table sets out the total remuneration of the Group Chief Executive over the same period as the TSR graphs.

The percentages for STIP and LTIP outcomes are expressed as a percentage of the maximum opportunity available.

Year Group Chief Executive

CEO single figure

of remuneration

STIP payout

(% of maximum)

LTIP payout

(% of maximum)

2016 Stephen A. Carter £3,407,650 40.0% 79.3%

2017 Stephen A. Carter £4,132,219 82.4% 83.0%

2018 Stephen A. Carter £4,125,262 93.3% 93.9%

2019 Stephen A. Carter £3,112,342 72.5%

70.2%

2020 Stephen A. Carter £2,720,172 53.6% 50.7%

2021 Stephen A. Carter £2,809,612 89.0%

41.5%

2022 Stephen A. Carter £4,103,002 89.7%

50.0%

2023 Stephen A. Carter £4,192,423 86.7%

100.0%

2024 Stephen A. Carter £5,487,898 100.0% 100.0%

2025 Stephen A. Carter £5,885,216 100.0% 100.0%

1 The Annual Reports for 2021-2024 contained a typographical error showing the STIP payment for 2019 as being 71.8%. This has now been

corrected and reflects the disclosure in the 2019 Annual Report

2 Under the terms of the Policy approved by shareholders in December 2020, the maximum STIP payout for the financial years ending 31 December

2021, 2022 and 2023 was reduced to 100% of base salary

Relative importance of spend on pay

Informa is a business built on the expertise, high-quality relationships and commitment demonstrated by its colleagues

around the world. The Group believes in the importance of investing in colleagues and offering market competitive salaries,

as well as flexible benefits and further opportunities such as ShareMatch. The table below shows the aggregate colleague

remuneration, dividends paid, revenue and operating profit, as stated in the Financial Statements, for the years ended

31 December 2025 and 31 December 2024:

2025 2024 % change

Total number of colleagues

14,152 13,092 8.1

Aggregate colleague remuneration (£m)

£928.6 £853.5 8.8

Remuneration per colleague (£) £65,616 £65,192 0.7

Shareholder returns – Dividends paid in the year

(£m) £268.1 £248.2 8.0

– Shares repurchased in the year

(£m) £350.0 £421.5 (17.0)

1 Figures taken from Note 8 to the Consolidated Financial Statements

2 Figures taken from Note 14 to the Consolidated Financial Statements

3 Excludes commission and stamp duties due on the share buyback

121

Informa Annual Report and Accounts 2025

GovernanceS F A

Pay ratios

The table below sets out the Group Chief Executive pay ratios as at 31 December 2025 and those for the prior five years. The

disclosure will build up over time to cover a rolling 10-year period.

Year Method Lower quartile Median Upper quartile

2025 Option A Pay ratio 138.5x 98.1x 66.1x

Salary £37,914 £52,801 £75,938

Total pay and benefits £42,480 £59,979 £88,976

2024 Option A Pay ratio 134.4x 96.4x 63.4x

Salary £36,107 £49,608 £72,345

Total pay and benefits £40,822 £56,954 £86,618

2023 Option A Pay ratio 112.2x 78.0x 51.2x

Salary £34,980 £47,643 £70,000

Total pay and benefits £37,376 £53,756 £81,963

2022 Option A Pay ratio 110.8x 78.9x 52.3x

Salary £33,000 £45,000 £65,339

Total pay and benefits £36,009 £51,263 £76,643

2021 Option A Pay ratio 83.2x 60.5x 39.8x

Salary £30,843 £41,200 £60,117

Total pay and benefits £31,130 £44,965 £69,218

2020 Option A Pay ratio 88.3x 65x 42.7x

Salary £28,436 £38,000 £56,500

Total pay and benefits £29,910 £41,418 £64,519

2019 Option A Pay ratio 100.5x 74.6x 47.9x

Salary £27,836 £38,570 £56,100

Total pay and benefits £30,970 £41,748 £65,031

In the final quarter of 2024, we completed two acquisitions for the Informa Group, namely, the addition of Ascential in

October and the combination with TechTarget in December. As these transactions completed towards the end of the

financial year, colleagues in the acquired businesses were not included in the pay ratio calculations for 2024. These

colleagues have now been incorporated into the 2025 calculations.

The ratios compare the single total figure of remuneration of the Group Chief Executive with the equivalent for the lower

quartile, median and upper quartile UK colleagues (calculated on a full-time basis). It should be noted that while the Group

Chief Executive’s role and remit are international, the pay ratios required by the Companies (Miscellaneous Reporting)

Regulations 2018 take no account of the remuneration received by colleagues based outside the UK (circa 70% of colleagues).

The rules relating to this disclosure set out three possible methodologies, termed Options A, B and C. The Committee has

selected Option A as the most appropriate for the company on the basis that it provides the most robust and statistically

accurate means of identifying the lower quartile, median and upper quartile colleagues, and is consistent with the Group’s

pay, reward and progression policies.

The total compensation calculations for UK colleagues include salary, bonus payments and benefits package, and LTIP

earnings where appropriate. Base salaries of all colleagues, including the Executive Directors, are set with reference to a

range of factors, including market comparators, individual experience and performance in their role. As was the case last

year, the Remuneration Committee notes that the year-on-year aggregate colleague remuneration continues to increase as

a result of the efforts the company has taken to support lower-paid colleagues. In 2025, the average base salary increase

for colleagues was 4%, with additional budget available to support merit rises, market adjustments and promotions across

the company.

Due to the structure of the Group Chief Executive’s annual remuneration, where a significant proportion is made up of

variable, performance-related pay, which is affected by share price movements, the pay ratios will vary, potentially

significantly, year-on-year.

Directors’ Remuneration Report continued

Governance

122

Informa Annual Report and Accounts 2025

Change in Directors’ pay in comparison to that of Informa colleagues

The next table shows the percentage change in the Directors’ salary or fees, benefits and bonus compared to the average

change in salary, benefits and bonus for a comparison group of all UK colleagues:

2025 2024 2023 20222 2021

Executive Directors

Salary

Benefits

Bonus

Salary

Benefits

Bonus

Salary

Benefits

Bonus

Salary

Benefits

Bonus

Salary

Benefits

Bonus

Stephen A. Carter 7.7 199.4 9.2 3.3 89.6 137.8 3.0 (3.9) 0.5 4.0 (23.4) 4.8 0.0 (29.3) (5.1)

Gareth Wright 6.1 (1.5) 7.1 3.3 (1.8) 78.3 3.0 1.0 0.5 6.0 (5.8) 6.9 0.0 0.5 10.7

Patrick Martell 4.6 667.3 4.1 5.6 67.9 83.6 3.0 61.5 0.5 4.0 8.2 19.5 – – –

All UK colleagues

5.9 (1.3) 9.1 3.4 21.5 30.7 6.2 (13.5) (9.8) 8.2 40.9 44.2 6.7 (8.3) 30.5

Non-Executive Directors

John Rishton

7.5 – – 3.3 – – 3.0 – – 56.3 – – 239.3 – –

Louise Smalley

6,8

33.5 – – 5.3 – – 3.0 – – 20.9 – – – – –

Maria Kyriacou

7,8

7.6 – – n/a – – – – – – – – – – –

Catherine Levene

7,8

7.6 – – n/a – – – – – – – – – – –

Andy Ransom

7.6 – – 4.0 – – – – – – – – – – –

Gill Whitehead

10.0 – – 4.0 – – 3.0 – – 12.5 – – 19.9 – –

Joanne Wilson

7.6 – – 4.0 – – 3.0 – – 4.1 – – – – –

Zheng Yin

7.6 – – 4.0 – – 3.0 – – 4.1 – – – – –

1 The calculations for Directors’ salary/fees have been made using the contractual base pay of the Executive Directors and fees for the Non-

Executive Directors

2 Benefits provided to the Executive Directors typically include (but are not limited to) private medical and life insurance, travel insurance, car

benefits (such as a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where appropriate and

the value of ShareMatch matching share awards. In addition, when the company requests colleagues to relocate to another country, as was the

case for the Group Chief Executive and Group Chief Operating Officer in 2025, relocation/dislocation costs are covered in accordance with our

internal relocation policies. These costs include (but are not limited to) overseas rental accommodation support, travel for colleagues and their

families where appropriate and, where relevant, education support. The comparison of 2025/2024 benefits for Stephen A. Carter and Patrick

Martell reflects the relocation/dislocation costs associated with their international moves to key growth regions (the UAE and US respectively)

during 2025

Benefits received by the Non-Executive Directors (disclosed on page 119) relate to expenses incurred in the course of their duties. These expenses,

which are deemed as taxable benefits by HMRC, may vary year-on-year and do not provide an accurate comparison to the benefits received by

colleagues, so are not included

3 The maximum bonus quantum for Executive Directors was increased in 2024 in line with the Policy approved by shareholders at the 2024 AGM

4 Informa PLC has no employees and therefore the average for all UK colleagues has been selected as the appropriate comparator group

5 John Rishton was appointed as Chair in June 2021

6 Louise Smalley was appointed as Senior Independent Director from December 2024

7 Maria Kyriacou was appointed to the Board on 15 July 2024 and Catherine Levene was appointed to the Board on 19 November 2024

8 For fair comparison, where a Director was appointed during the year, the percentage change for their fees between the year of their appointment

and the following year has been calculated using the full-time equivalent fee for the year of their appointment

Dilution of share capital by share plans

Informa uses a combination of market-purchased and newly issued shares to satisfy all-employee and executive share

plans. All shares used to satisfy our share plans are held by the Informa Employee Share Ownership Trust. Details of the

number of shares held by the Trust during the year is set out in Note 36 to the Consolidated Financial Statements.

During 2025, we complied with The Investment Association’s Principles of Remuneration with regard to dilution limits.

Remuneration adviser

FIT Remuneration Consultants LLP (FIT Remuneration Consultants) was the Committee’s independent remuneration adviser

throughout 2025, having been appointed in December 2022 following a competitive tender process. FIT Remuneration

Consultants is a member of the Remuneration Consultants Group and adheres to that Group’s Code of Conduct for

consultants to remuneration committees of UK listed companies.

The Committee is satisfied that the advice received from FIT Remuneration Consultants was independent and objective,

andhas not requested advice from any other remuneration advisory firm during the year. FIT Remuneration Consultants

does not provide any other services to the Group and has no other connection with the Directors.

Fees for advice provided to the Committee by FIT Remuneration Consultants during the year ended 31 December 2025

amounted to £18,967 (2024: £82,354). All fees are charged on a time and expenses basis.

123

Informa Annual Report and Accounts 2025

GovernanceS F A

Directors’ Report

The Directors present their report and Consolidated Financial Statements for the year ended 31 December 2025.

This section contains the remaining matters that the Directors are required to report on, and that do not appear elsewhere

inthe Annual Report. Additional information incorporated into this section by reference – including information that is

required in accordance with the Companies Act 2006 (Act) and Listing Rule 6.6.1R – can be found on the following pages:

Information Page(s)

Future business developments 2 to 77

Risk factors and principal risks 60 to 70

Colleague engagement and employment policies 91 and 125

Stakeholder engagement – suppliers, customers and others 90 to 91

Greenhouse gas emissions 21

Viability and Going Concern statements 72

Governance arrangements (including compliance with the UK Corporate Governance Code) 79 to 126

Section 172 statement 88 to 89

Long-term incentive arrangements 109 to 123

Dividends 165

Financial instruments, financial risk management objectives and policies 180 to 187

Post balance sheet events 210

Annual General Meeting

Informa PLC’s 2026 AGM will be held

atour offices at 240 Blackfriars Road,

London SE1 8BF on Thursday

18 June2026 at 11am.

The Notice of Meeting, together

withaletter from the Board Chair and

explanatory notes on the resolutions

tobe considered, are set out in a

separate circular that has been sent

toshareholders and is available on

ourwebsite.

Articles of Association

The company’s Articles of Association

(Articles) were last approved at the 2020

AGM. They include provisions on the

rights and obligations attached to the

company’s shares, the appointment and

removal of Directors, and the conduct

of the Board and general meetings.

The Articles may only be amended by

special resolution at a general meeting

of shareholders, with approval from at

least 75% of those voting in person or

by proxy.

A copy of our Articles can be found on

Informa’s website or obtained free of

charge from Companies House.

Directors

The names and biographical details

ofInforma’s Directors at the year end

and at the date of this Annual Report

are set out on pages 79 to 81 and

incorporated by reference.

Patrick Martell served as an Executive

Director until 1 March 2026 and will not

stand for re-election at the AGM in June

2026. All other Directors will offer

themselves for re-election.

Directors may be appointed or removed

by the Board or by shareholders in a

general meeting. Subject to the Act and

the Articles, the Directors may exercise

all the powers of the Company and may

delegate authorities to Committees and

day-to-day management and decision

making to individual Executive Directors.

The Directors’ Remuneration Report on

pages 109 to 123 contains details of the

remuneration paid to the Directors,

their interests in the shares of the

company and any awards granted to the

Executive Directors under all-colleague

or executive share schemes. It also

summarises the terms of Executive

Directors’ service agreements and

theletters of appointment of the

Non-Executive Directors. These are

available for inspection at Informa’s

registered office.

Directors’ conflicts of

interests and indemnities

Directors have a statutory duty to

avoid conflicts of interest with the

company. Our Articles allow the Board

to approve conflicts of interest and

include other conflict-of-interest

provisions. No Director had a material

interest in any contract in relation

tothe company’s business during

theyear.

To the extent permitted by English law

and the Articles, Informa has agreed

toindemnify the Directors in respect of

any liability arising from or connected

with the execution of their powers,

duties and responsibilities as a

Directorof the company, of any of

itssubsidiaries or as a trustee of an

occupational pension scheme for

colleagues. The indemnity would not

provide coverage where the Director

isproved to have acted fraudulently or

dishonestly. The company purchases

and maintains Directors’ and Officers’

insurance cover against certain legal

liabilities and the costs of claims

connected with any act or omission by

Directors and officers in the execution

of their duties.

Governance

124

Informa Annual Report and Accounts 2025

Share capital

Informa PLC is a public company limited

by shares, incorporated in England and

Wales. All the company’s ordinary

shares are listed on the London Stock

Exchange (100% free float).

The company has one class of shares,

being ordinary shares of 0.1 pence each.

All issued shares are fully paid up and

carry no additional obligations or

special rights. Each share carries

theright to one vote at

shareholdermeetings.

On a show of hands, each holder of

ordinary shares who attends in person

or is present by proxy or corporate

representative has one vote. On a poll,

every holder of ordinary shares

present in person, by proxy or

corporate representative has one vote

for every share held.

Electronic and paper proxy

appointments and voting instructions

must be received no later than 48

hours before a general meeting.

Holders of ordinary shares can lose

their entitlement to vote at general

meetings if they have been served with

a disclosure notice and failed to

provide the company with information

concerning interests held in those

shares. Except as set out above, there

are no limitations on voting rights of

holders of a given percentage, number

of votes or deadlines for exercising

voting rights.

There are no restrictions on the

transfer of securities in the company

except as set out in the Articles.

Informa is not aware of any

agreements between holders of

ordinary shares that may result in

restrictions on the transfer of

securities or on voting rights.

At the 2025 AGM, the Directors were

granted authority to purchase up to

131,857,000 ordinary shares in the

market, equal to 10% of issued share

capital at the time that the Notice of

AGM was approved. During 2025, the

company purchased and cancelled

42,846,499 ordinary shares (3.3% of

issued capital at 31 December 2025).

The Directors propose to renew this

authority to purchase shares at the

2026 AGM.

More details of our issued share capital

at 31 December 2025, together with

details of shares issued or repurchased

during the year, are shown in Note 35 to

the Consolidated Financial Statements.

Employment policy matters

Informa complies fully with all national

equal opportunities legislation and

makes recruitment and promotion

decisions based solely on the ability to

perform each role.

Under UK law and required disclosures

around the employment of people with

disabilities, we can confirm that we give

full and fair consideration to colleagues

and applicants with disabilities, and

provide facilities, equipment and

training to assist disabled colleagues to

do their jobs. If a colleague becomes

disabled during their employment,

every effort is made to ensure that they

can continue their current employment

by providing specialised training and

adjusting the working environment. We

also seek to provide opportunities for

retraining and redeployment within the

business.

Employee benefit trust

From time to time, shares are held by a

trustee in order to satisfy colleagues’

entitlements to shares under the

Group’s share schemes. The shares

held by the trusts do not have any

special rights with regard to control of

the company. While these shares are

held on trust, their rights are not

exercisable directly by the relevant

colleagues. The current arrangements

concerning trusts and their

shareholdings in the company are set

out in Note 36 to the Consolidated

Financial Statements.

Major interests in shares

The following table shows the

notifications of major voting interests

inthe company’s shares as at

31 December 2025, in accordance with

the FCA’s Disclosure and Transparency

Rules (DTR 5). All notifications made to

the company under DTR 5 are published

on a Regulatory Information Service

and are available on Informa’s website.

Shareholder % Shareholding

BlackRock, Inc. 5.92

Newton Investment

Management Ltd 4.93

Lazard Asset

ManagementLLC 4.30

Norges Bank 4.00

Artemis Investment

ManagerLLP 3.59

Invesco Ltd 3.55

The information above was correct

at the date of notification to the

Company. No additional notifications

have been received by the company

between 31 December 2025 and the

date of this report.

Change of control

There are no significant agreements to

which the company is a party that take

effect, alter or terminate on a change

of control following a takeover bid,

except for the Group’s principal

borrowings described in Note 27 to

theConsolidated Financial Statements.

The company does not have

agreements with any Director or

colleague that would provide

compensation for loss of office or

employment resulting from a change of

control on takeover, except those

provisions in the company’s share

schemes that may cause options and

awards granted to colleagues to vest

on a takeover.

Political donations

In line with Group policy, no donations

were made to political parties or

organisations or independent election

candidates, and no political

expenditure was incurred during the

year ended 31 December 2025.

Subsidiaries and overseas

branches

Details of Group subsidiaries are given

in Note 39 to the Consolidated

Financial Statements.

Informa operates branches in

Australia, China, France, Hong Kong,

Luxembourg, Malaysia, the

Netherlands, Singapore, South Africa,

South Korea, Taiwan, the United Arab

Emirates, the UK and Vietnam.

125

Informa Annual Report and Accounts 2025

GovernanceS F A

Statement of Directors’ responsibilities

The Directors are responsible for

preparing the Annual Report and

Accounts in accordance with applicable

law and regulation.

Company law requires the Directors to

prepare financial statements for each

financial year. Under that law, the

Directors have prepared the

Consolidated Financial Statements in

accordance with UK-adopted

International Accounting Standards,

and the Parent Company Financial

Statements in accordance with UK

Generally Accepted Accounting Practice

(UK Accounting Standards comprising

FRS 102: The Financial Reporting

Standard applicable in the UK and

Republic of Ireland, and applicable law.

Under company law, the Directors

must not approve the Financial

Statements unless they are satisfied

that they give a true and fair view of

the state of affairs of the Group and

Parent Company and of the profit or

loss of the Group and the company

for that period.

In preparing the Financial Statements,

the Directors are required to:

• Select suitable accounting policies

and then apply them consistently

• Make judgements and accounting

estimates that are reasonable

and prudent

• State whether applicable UK-adopted

International Accounting Standards

have been followed for the

Consolidated Financial Statements

and UK Accounting Standards,

comprising FRS 102, have been

followed for the Parent Company

Financial Statements, subject to any

material departures disclosed and

explained in the Financial Statements

• Prepare the Financial Statements on

the going concern basis unless it is

inappropriate to presume that the

Group and Parent Company will

continue in business

The Directors are responsible for

safeguarding the assets of the Group

and Parent Company and for taking

reasonable steps for the prevention

and detection of fraud and

otherirregularities.

The Directors are also responsible for

keeping adequate accounting records

that are sufficient to show and explain

the Group’s and Parent Company’s

transactions and disclose with

reasonable accuracy at any time the

financial position of the Group and

Parent Company. This enables them

to ensure that the Financial Statements

and the Directors’ Remuneration

Report comply with the Companies

Act 2006.

The Directors are responsible for the

maintenance and integrity of the

company’s website.

Legislation in the UK governing the

preparation and dissemination of

financial statements may differ from

legislation in other jurisdictions.

Directors’ confirmations

The Directors consider that the Annual

Report and Accounts, taken as a whole,

is fair, balanced and understandable,

and provides the information

necessary for shareholders to assess

the Group’s and Parent Company’s

position and performance, business

model and strategy.

Each of the Directors, whose names

and functions are listed on pages 79

to 81, confirm that, to the best of

their knowledge:

• The Consolidated Financial

Statements, which have been

prepared in accordance with

UK-adopted International Accounting

Standards, give a true and fair view

of the assets, liabilities, financial

position and profit of the Group

• The Parent Company Financial

Statements, which have been

prepared in accordance with UK

Accounting Standards comprising

FRS 102, give a true and fair view of

the assets, liabilities, financial

position and profit of the Parent

Company

• The Strategic Report includes a fair

review of the development and

performance of the business and the

position of the Group and Parent

Company, together with a

description of the principal risks and

uncertainties that it faces

Audit information

Each of the Directors in office at the

date this report confirms that:

• To the best of their knowledge, there

is no relevant audit information of

which the Group’s and the company’s

auditors are unaware

• They have taken all the steps that

they ought to have taken as a

Director in order to make themselves

aware of any relevant audit

information and to establish that the

Group’s and the company’s auditors

are aware of that information

This confirmation is given and should

be interpreted in accordance with the

provisions of section 418 of the

Companies Act 2006.

Reappointment of auditor

A resolution proposing the reappointment

of PricewaterhouseCoopers LLP as

thecompany’s external auditors will be

put to shareholders at the 2026 AGM.

By order of the Board

Rupert Hopley

General Counsel and Company

Secretary

11 March 2026

Informa PLC

5 Howick Place

London SW1P 1WG

Company Number: 08860726

Governance

126

Informa Annual Report and Accounts 2025

Contents

Independent auditors’ report 128

Consolidated Financial Statements

Consolidated Income Statement

136

Consolidated Statement

of Comprehensive Income 137

Consolidated Statement

of Changes in Equity

138

Consolidated Balance Sheet

139

Consolidated Cash Flow Statement

140

Notes to the Consolidated

Financial Statements

141

Parent Company Financial Statements

Parent Company Balance Sheet

211

Parent Company Statement

of Changes in Equity 212

Notes to the Parent Company

Financial Statements

213

Other financial information

Glossary of terms: alternative

performance measures

220

Five-year summary

222

Financial StatementsGS A

127

Informa Annual Report and Accounts 2025

Statements

Financial Statements

Financial

Independent auditors’ report to the members of Informa PLC

Report on the audit of

the financial statements

Opinion

In our opinion:

• Informa PLC’s Consolidated Financial

Statements and Parent Company

Financial Statements (the “financial

statements”) give a true and fair

viewof the state of the Group’s and

of the Parent Company’s affairs as

at31 December 2025 and of the

Group’s loss and the Group’s cash

flows for the year then ended;

• the Consolidated Financial Statements

have been properly prepared in

accordance with UK-adopted

international accounting standards as

applied in accordance with the

provisions of the Companies Act 2006;

• the Parent Company Financial

Statements have been properly

prepared in accordance with United

Kingdom Generally Accepted

Accounting Practice (United Kingdom

Accounting Standards, including FRS

102 “The Financial Reporting Standard

applicable in the UK and Republic of

Ireland”, and applicable law); and

• the financial statements have been

prepared in accordance with the

requirements of the Companies Act

2006.

We have audited the financial

statements, included within the Annual

Report and Accounts (the “Annual

Report”), which comprise:

• the Consolidated Balance Sheet as

at31 December 2025;

• the Parent Company Balance Sheet

as at 31 December 2025;

• the Consolidated Income Statement

for the year then ended;

• the Consolidated Statement of

Comprehensive Income for the year

then ended;

• the Consolidated Statement of Changes

in Equity for the year then ended;

• the Consolidated Cash Flow

Statement for the year then ended;

• the Parent Company Statement of

Changes in Equity for the year then

ended; and

• the notes to the financial statements,

comprising material accounting

policy information and other

explanatory information.

Our opinion is consistent with our

reporting to the Audit Committee.

Basis for opinion

We conducted our audit in accordance

with International Standards on Auditing

(UK) (“ISAs (UK)”) and applicable law. Our

responsibilities under ISAs (UK) are

further described in the Auditors’

responsibilities for the audit of the

financial statements section of our

report. We believe that the audit

evidence we have obtained is sufficient

and appropriate to provide a basis for

our opinion.

Independence

We remained independent of the

Group in accordance with the ethical

requirements that are relevant to our

audit of the financial statements in the

UK, which includes the FRC’s Ethical

Standard, as applicable to listed public

interest entities, and we have fulfilled

our other ethical responsibilities in

accordance with these requirements.

To the best of our knowledge and

belief, we declare that non-audit

services prohibited by the FRC’s

EthicalStandard were not provided.

Other than those disclosed in Note 6 of

the Consolidated Financial Statements,

we have provided no non-audit

services to the Parent Company or its

controlled undertakings in the period

under audit.

Our audit approach

Overview

Audit scope

• We identified 34 components which

required an audit of their complete

financial information due to their size

or risk characteristics. An audit of

specific financial statement line items

was performed at a further 4

components. In addition, audit

procedures at the corporate function

which included the Group

consolidation and areas of judgement

(including taxation, goodwill

impairment, treasury and post-

retirement benefits) were directly led

by the Group audit team.

• The audit work performed

accountedfor approximately 74%

ofconsolidated revenue and 74% of

consolidated adjusted profit before

tax on an absolute basis.

Key audit matters

• Recoverability of the carrying

valueofgoodwill in Informa

TechTarget (Group)

• Recoverability of the carrying value of

investments in subsidiary

undertakings (Parent Company)

Materiality

• Overall Group materiality:

£49.0 million (2024: £46.0 million)

based on approximately 5.0% (2024:

approximately 5.0%) of profit before

tax and adjusting items (“Adjusted

profit before tax”).

• Overall Parent Company materiality:

£44.0 million (2024: £42.2 million)

based on approximately 0.3% (2024:

approximately 0.3%) of total assets as

constrained by the allocation of overall

Group materiality.

• Performance materiality: £36.7 million

(2024: £34.5 million) (Group) and

£33.0 million (2024: £31.6 million)

(Parent Company).

The scope of our audit

As part of designing our audit, we

determined materiality and assessed

the risks of material misstatement in

the financial statements.

Key audit matters

Key audit matters are those matters

that, in the auditors’ professional

judgement, were of most significance

in the audit of the financial statements

of the current period and include the

most significant assessed risks of

material misstatement (whether or not

due to fraud) identified by the auditors,

including those which had the greatest

effect on: the overall audit strategy;

the allocation of resources in the

audit;and directing the efforts of the

engagement team. These matters, and

any comments we make on the results

of our procedures thereon, were

addressed in the context of our audit

of the financial statements as a whole,

and in forming our opinion thereon,

and we do not provide a separate

opinion on these matters.

This is not a complete list of all risks

identified by our audit.

Valuation of the acquired intangibles in

respect of the Ascential and TechTarget

acquisitions, which was a key audit

matter last year, is no longer included

because of the one off nature of

acquisition accounting. Otherwise, the

key audit matters below are consistent

with last year.

Financial Statements

128

Informa Annual Report and Accounts 2025

Key audit matter How our audit addressed the key audit matter

Recoverability of the carrying value of goodwill

inInforma TechTarget (Group)

Refer to Note 2 Material accounting policies; Note

3 Critical accounting judgements and key sources

of estimation uncertainty; andNote 15 Goodwill

in the Consolidated Financial Statements.

The Group has goodwill of £7,053.4m at

31 December 2025 (2024: £7,787.0m) which

includes £161.1m relating to the Informa

TechTarget (“ITT”) cash generating unit (“CGU”).

Management is required to test goodwill annually

for impairment. Additionally, at each external

reporting period, management assess whether

there is any indication that goodwill may be

impaired. Where indicators of impairment are

identified, the recoverable amount isrequired to

be estimated.

Management performs its goodwill impairment

assessment on a divisional basis reflecting the

lowest level at which it monitors goodwill.

Management determines the recoverable amount

of its CGU’s as being the higher of value in use

(“VIU”) and fair value less cost of disposal

(“FVLCD”) by preparing discounted cash flow

models which are based on the Group’s latest

cash flow projections. The assumptions used in

management’s models, which are subject to

estimation uncertainty, are derived from a

combination of management’s judgement,

experts engaged by management and market

data. The significant assumptions that we focused

our audit on were those with greater levels of

management judgement and for which variations

had the most significant impact on the

recoverable amount. Specifically, these included

revenue growth, operating profit, long-term

growth and the discount rate.

Impairment indicators were identified by

management at 30 June 2025 in respect of the ITT

CGU as a result of a reduction in the publicly

traded share price of Informa TechTarget Inc. and

a decline in forecast cash flows due to subdued

market activity. An impairment assessment was

performed by management at this date which

resulted in a goodwill impairment of £484.2m.

Management performed a further impairment

assessment at31 December 2025 and did not

identify a further impairment.

We considered the recoverability of the carrying

value of goodwill in ITT as a key audit matter due

to the material size of the impairment charge and

residual carrying value, and the headroom in the

model being sensitive to reasonably possible

changes in key assumptions.

Our audit procedures to assess the carrying value and associated

impairment recorded in respect of the goodwill in ITTincluded:

• assessing the appropriateness of the methodology used and the

mathematical accuracy of the discounted cash flow models;

• evaluating the significant assumptions used by management in

determining future cash flows, including corroborating revenue

growth projections to third party forecasts, cost reduction activity

tosupporting documentation, and assessing the reasonableness

ofoperating profit margins based on our understanding of the

business and past performance;

• with the support of our valuation experts, determining an

independent reasonable range for the discount rate and long term

growth rate and comparing these to those used in the models;

• performing sensitivities to form an independent view on reasonable

downside scenarios;

• comparing the recoverable amount to market evidence such as the

Informa TechTarget Inc. share price at 31 December 2025,

comparable company EBITDA multiples and analysts’ target share

prices and multiples; and

• evaluating and testing the disclosures in the Consolidated

FinancialStatements.

129

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Key audit matter How our audit addressed the key audit matter

Recoverability of the carrying value of

investments in subsidiary undertakings (Parent

Company)

Refer to Note 2 Significant accounting policies;

Note 3 Critical accounting judgements and key

sources of estimation uncertainty; and Note 4

Investments in subsidiary undertakings in the

Parent Company Financial Statements.

At 31 December 2025, the Parent Company held

investments in subsidiary undertakings amounting

to £7,595.9m (2024: £7,581.2m). During the year,

management undertook an internal reorganisation

to consolidate the holding structure of the Parent

Company’s subsidiary undertakings.

Investments in subsidiary undertakings are

accounted for at historical cost less accumulated

impairment. Judgement is required to assess if

impairment indicators exist and, where indicators

are identified, if the investment carrying value is

supported by the recoverable amount.

In assessing for impairment indicators,

management considers the market capitalisation

of the Group, net assets of the subsidiary

undertakings, the results of the Group’s annual

goodwill impairment assessment and other facts

and circumstances which may be indicative of an

impairment. Where impairment indicators are

identified, management estimate the recoverable

amount using a fair value less cost of disposal

(‘FVLCD’) discounted cash flow model, which is

consistent with that used for the Group’s goodwill

impairment test.

While management’s assessment at 31 December

2025 identified impairment indicators, no

impairments were identified.

Our audit procedures in relation to the carrying value ofinvestments in

subsidiary undertakings included:

• evaluating management’s accounting for the internal reorganisation

of the holding structure of the Parent Company subsidiary

undertakings;

• assessing the appropriateness of the methodology, treatment of

intercompany balances and mathematical accuracy of thediscounted

cash flow model;

• assessing whether the cash flows used are consistent with cash flow

forecasts used in other estimates and judgements across the Group,

including the Group’s goodwill impairment assessment;

• with the support of our valuation experts, determining an

independent reasonable range for the discount rate and long term

growth rate and comparing these to those used in the models;

• performing sensitivities to form an independent view on reasonable

downside scenarios; and

• evaluating and testing the disclosures made in the Parent Company

Financial Statements.

How we tailored the audit scope

We tailored the scope of our audit to

ensure that we performed enough

work to be able to give an opinion on

the financial statements as a whole,

taking into account the structure of the

Group and the Parent Company, the

accounting processes and controls, and

the industry in which they operate.

In 2025 the Group was reorganised into

five divisions - Taylor & Francis, Informa

Markets, Informa Connect, Informa

Festivals and Informa TechTarget, in

addition to a central corporate function.

Each division is further divided into

business units which align to a legal

entity or business in a specific country.

A separate divisional management

teamoversees the operations of each

division. For the purposes of our audit,

we have identified each business unit as

a component.

The accounting processes for each

division are principally undertaken by

the Group’s shared service centres in

Colchester (UK), Cairo (Egypt), Sarasota

(USA), Long Island (USA), Cleveland

(USA), Hong Kong (HK) and Shanghai

(China). Each component reports to

theGroup through an integrated

consolidation system.

Based on our risk and materiality

assessments, we determined which

components required an audit of their

complete financial information having

consideration to the significance of

each component due to size or risk and

the overall coverage obtained over

each material line item in the

Consolidated Financial Statements.

We identified 34 components which

required an audit of their complete

financial information due to their size or

risk characteristics. An audit of specific

financial statement line items was

performed at a further 4 components.

In addition, audit procedures at the

corporate function which included, the

Group consolidation and areas of

judgement (including taxation, goodwill

impairment, treasury and post-

retirement benefits) were directly led by

the Group audit team.

Where the work was performed by

component audit teams, we determined

the level of involvement we needed to

have in the audit work at those

components to be able to conclude

whether sufficient appropriate audit

evidence had been obtained as a basis

for our opinion on the Consolidated

Financial Statements as a whole.

Financial Statements

130

Informa Annual Report and Accounts 2025

The Group audit team visited component

teams in the United Kingdom, United

States of America, United Arab Emirates,

Kingdom of Saudi Arabia, Hong Kong and

China during the 2025 audit cycle. In

addition, our oversight procedures

included the issuance of formal written

instructions and regular communication

throughout the audit cycle including calls

through video conferencing, review of

component auditor workpapers and

participation in audit clearance meetings.

Taken together with the audit

procedures undertaken by the Group

audit team, the audit work performed

accounted for approximately 74% of

consolidated revenue and 74% of

consolidated adjusted profit before

taxon an absolute basis. In addition,

we have performed disaggregated

analytical review procedures and an

evaluation of entity level controls,

which covers a significant portion of

the Group’s smaller and lower risk

components that were not directly

included in our Group audit scope.

The financial statements of the Parent

Company are prepared using the same

accounting processes as the Group’s

central functions and were audited by

the Group audit team.

The impact of climate risk

onouraudit

In planning and executing our audit,

weconsidered the potential impact of

climate change on the Group’s business

and the financial statements. The

Group has set out its climate related

intention and metrics as part of its

FasterForward programme.

As a part of our audit, we made enquiries

of management to understand the

extent of the potential impact of the

physical and transition climate change

risk on the Consolidated Financial

Statements. We also discussed the

climate change initiatives and

commitments from FasterForward and

other initiatives to reduce CO

emissions,

and the impact these have on the Group

including on future cash flow forecasts.

Management considers that the impact

of climate change does not give rise to

a material financial impact. With the

assistance of our climate change

specialists, we evaluated

management’s risk assessment and

understood the Group’s governance

processes including the Climate Impact

Steering Committee. We performed an

audit risk assessment of how the

impact of the Group’s commitments in

respect of climate change including

FasterForward may affect the financial

statements and our audit. Our work

did not identify any material impact on

our audit for the year ended

31 December 2025.

Materiality

The scope of our audit was influenced

by our application of materiality. We

set certain quantitative thresholds

formateriality. These, together with

qualitative considerations, helped us

todetermine the scope of our audit

and the nature, timing and extent of

our audit procedures on the individual

financial statement line items and

disclosures and in evaluating the effect

of misstatements, both individually

and in aggregate on the financial

statements as a whole.

Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:

Financial statements – Group Financial statements – Parent Company

Overall materiality £49.0 million (2024: £46.0 million). £44.0 million (2024: £42.2 million).

How we determined it approximately 5.0% (2024: approximately 5.0%) of

profit before tax and adjusting items (“Adjusted profit

before tax”)

approximately 0.3% (2024: approximately 0.3%) of total

assets as constrained by the allocation of overall Group

materiality

Rationale for

benchmark applied

Profit before tax and adjusting items is used as the

materiality benchmark. The directors use this

measure as they believe that it best reflects the

underlying performance of the Group.

We have considered the nature of the company, which

primarily acts as a holding entity for the Group’s

investments and treasury activities and have determined

that total assets is an appropriate benchmark for the

calculation of materiality.

131

Informa Annual Report and Accounts 2025

Financial StatementsGS A

For each component in the scope of

our Group audit, we allocated a

materiality that is less than our overall

Group materiality. The range of

materiality allocated across

components was £2.0 million and

£44.0 million.

We use performance materiality to

reduce to an appropriately low level

the probability that the aggregate of

uncorrected and undetected

misstatements exceeds overall

materiality. Specifically, we use

performance materiality in

determining the scope of our audit and

the nature and extent of our testing of

account balances, classes of

transactions and disclosures, for

example in determining sample sizes.

Our performance materiality was 75%

(2024: 75%) of overall materiality,

amounting to £36.7 million

(2024: £34.5 million) for the

Consolidated Financial Statements and

£33.0 million (2024: £31.6 million) for

the Parent Company Financial

Statements.

In determining the performance

materiality, we considered a number of

factors - the history of misstatements,

risk assessment and aggregation risk

and the effectiveness of controls - and

concluded that an amount at the upper

end of our normal range was

appropriate.

We agreed with the Audit Committee

that we would report to them

misstatements identified during our

audit above £2.4 million (Group audit)

(2024: £2.3 million) and £2.2 million

(Parent Company audit)

(2024: £2.1 million) as well as

misstatements below those amounts

that, in our view, warranted reporting

for qualitative reasons.

Conclusions relating to

goingconcern

Our evaluation of the directors’

assessment of the Group’s and the

Parent Company’s ability to continue to

adopt the going concern basis of

accounting included:

• Evaluating the key assumptions

within management’s forecasts and

ensuring these are consistent with

those modelled in relation to

management’s impairment

assessments;

• Considering liquidity and available

financial resources;

• Assessing whether the stress testing

performed by management

appropriately considered the

principal risks facing the business;

and

• Reading and evaluating the adequacy

of disclosures made in the financial

statements in relation to going

concern.

Based on the work we have performed,

we have not identified any material

uncertainties relating to events or

conditions that, individually or

collectively, may cast significant doubt

on the Group’s and the Parent

Company’s ability to continue as a

going concern for a period of at least

twelve months from when the financial

statements are authorised for issue.

In auditing the financial statements, we

have concluded that the directors’ use

of the going concern basis of

accounting in the preparation of the

financial statements is appropriate.

However, because not all future events

or conditions can be predicted, this

conclusion is not a guarantee as to the

Group’s and the Parent Company’s

ability to continue as a going concern.

In relation to the directors’ reporting

on how they have applied the UK

Corporate Governance Code, we have

nothing material to add or draw

attention to in relation to the directors’

statement in the financial statements

about whether the directors

considered it appropriate to adopt the

going concern basis of accounting.

Our responsibilities and the

responsibilities of the directors with

respect to going concern are described

in the relevant sections of this report.

Reporting on other

information

The other information comprises all of

the information in the Annual Report

other than the financial statements

and our auditors’ report thereon. The

directors are responsible for the other

information. Our opinion on the

financial statements does not cover the

other information and, accordingly, we

do not express an audit opinion or,

except to the extent otherwise

explicitly stated in this report, any form

of assurance thereon.

In connection with our audit of the

financial statements, our responsibility

is to read the other information and, in

doing so, consider whether the other

information is materially inconsistent

with the financial statements or our

knowledge obtained in the audit, or

otherwise appears to be materially

misstated. If we identify an apparent

material inconsistency or material

misstatement, we are required to

perform procedures to conclude

whether there is a material

misstatement of the financial

statements or a material misstatement

of the other information. If, based on

the work we have performed, we

conclude that there is a material

misstatement of this other information,

we are required to report that fact. We

have nothing to report based on these

responsibilities.

With respect to the Strategic Report

and Directors’ Report, we also

considered whether the disclosures

required by the UK Companies Act

2006 have been included.

Based on our work undertaken in the

course of the audit, the Companies Act

2006 requires us also to report certain

opinions and matters as described

below.

Financial Statements

132

Informa Annual Report and Accounts 2025

Strategic Report and

Directors’Report

In our opinion, based on the work

undertaken in the course of the audit,

the information given in the Strategic

Report and Directors’ Report for the

year ended 31 December 2025 is

consistent with the financial

statements and has been prepared in

accordance with applicable legal

requirements.

In light of the knowledge and

understanding of the Group and Parent

Company and their environment

obtained in the course of the audit, we

did not identify any material

misstatements in the Strategic Report

and Directors’ Report.

Directors’ Remuneration

In our opinion, the part of the

Directors’ Remuneration Report to be

audited has been properly prepared in

accordance with the Companies Act

2006.

Corporate governance

statement

The Listing Rules require us to review

the directors’ statements in relation to

going concern, longer-term viability

and that part of the corporate

governance statement relating to the

Parent Company’s compliance with the

provisions of the UK Corporate

Governance Code specified for our

review. Our additional responsibilities

with respect to the corporate

governance statement as other

information are described in the

Reporting on other information section

of this report.

Based on the work undertaken as part

of our audit, we have concluded that

each of the following elements of the

corporate governance statement,

included within the Governance report

is materially consistent with the

financial statements and our

knowledge obtained during the audit,

and we have nothing material to add or

draw attention to in relation to:

• The directors’ confirmation that they

have carried out a robust

assessment of the emerging and

principal risks;

• The disclosures in the Annual Report

that describe those principal risks,

what procedures are in place to

identify emerging risks and an

explanation of how these are being

managed or mitigated;

• The directors’ statement in the

financial statements about whether

they considered it appropriate to

adopt the going concern basis of

accounting in preparing them, and

their identification of any material

uncertainties to the Group’s and

Parent Company’s ability to continue

to do so over a period of at least

twelve months from the date of

approval of the financial statements;

• The directors’ explanation as to their

assessment of the Group’s and

Parent Company’s prospects, the

period this assessment covers and

why the period is appropriate; and

• The directors’ statement as to

whether they have a reasonable

expectation that the Parent

Company will be able to continue in

operation and meet its liabilities as

they fall due over the period of its

assessment, including any related

disclosures drawing attention to any

necessary qualifications or

assumptions.

Our review of the directors’ statement

regarding the longer-term viability of

the Group and Parent Company was

substantially less in scope than an

audit and only consisted of making

inquiries and considering the directors’

process supporting their statement;

checking that the statement is in

alignment with the relevant provisions

of the UK Corporate Governance Code;

and considering whether the statement

is consistent with the financial

statements and our knowledge and

understanding of the Group and Parent

Company and their environment

obtained in the course of the audit.

In addition, based on the work

undertaken as part of our audit, we

have concluded that each of the

following elements of the corporate

governance statement is materially

consistent with the financial

statements and our knowledge

obtained during the audit:

• The directors’ statement that

theyconsider the Annual Report,

taken as a whole, is fair, balanced

and understandable, and provides

the information necessary for the

members to assess the Group’s

andParent Company’s position,

performance, business model and

strategy;

• The section of the Annual Report

that describes the review of

effectiveness of risk management

and internal control systems; and

• The section of the Annual Report

describing the work of the Audit

Committee.

We have nothing to report in respect of

our responsibility to report when the

directors’ statement relating to the

Parent Company’s compliance with the

Code does not properly disclose a

departure from a relevant provision of

the Code specified under the Listing

Rules for review by the auditors.

133

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Responsibilities for the

financial statements and

theaudit

Responsibilities of the directors for

the financial statements

As explained more fully in the

Statement of Directors’ responsibilities,

the directors are responsible for the

preparation of the financial statements

in accordance with the applicable

framework and for being satisfied that

they give a true and fair view. The

directors are also responsible for such

internal control as they determine is

necessary to enable the preparation of

financial statements that are free from

material misstatement, whether due to

fraud or error.

In preparing the financial statements,

the directors are responsible for

assessing the Group’s and the Parent

Company’s ability to continue as a

going concern, disclosing, as

applicable, matters related to going

concern and using the going concern

basis of accounting unless the directors

either intend to liquidate the Group or

the Parent Company or to cease

operations, or have no realistic

alternative but to do so.

Auditors’ responsibilities for the

audit of the financial statements

Our objectives are to obtain reasonable

assurance about whether the financial

statements as a whole are free from

material misstatement, whether due to

fraud or error, and to issue an auditors’

report that includes our opinion.

Reasonable assurance is a high level of

assurance, but is not a guarantee that

an audit conducted in accordance with

ISAs (UK) will always detect a material

misstatement when it exists.

Misstatements can arise from fraud or

error and are considered material if,

individually or in the aggregate, they

could reasonably be expected to

influence the economic decisions of

users taken on the basis of these

financial statements.

Irregularities, including fraud, are

instances of non-compliance with laws

and regulations. We design procedures

in line with our responsibilities,

outlined above, to detect material

misstatements in respect of

irregularities, including fraud. The

extent to which our procedures are

capable of detecting irregularities,

including fraud, is detailed below.

Based on our understanding of the

Group and industry, we identified that

the principal risks of non-compliance

with laws and regulations related to

data privacy regulations, prohibited

business practices and anti-bribery

and corruption laws, and we

considered the extent to which

non-compliance might have a material

effect on the financial statements. We

also considered those laws and

regulations that have a direct impact

on the financial statements such as the

Companies Act 2006 and applicable tax

regulation in jurisdictions in which the

Group has material operations. We

evaluated management’s incentives

and opportunities for fraudulent

manipulation of the financial

statements (including the risk of

override of controls), and determined

that the principal risks were related to

posting inappropriate journal entries

to manipulate financial results and

management bias in accounting

estimates. The Group engagement

team shared this risk assessment with

the component auditors so that they

could include appropriate audit

procedures in response to such risks in

their work. Audit procedures

performed by the Group engagement

team and/or component auditors

included:

• Understanding and evaluating the

design and implementation of

controls designed to prevent and

detect irregularities and fraud;

• Discussions with management,

Internal Audit and the Group’s legal

counsel regarding their consideration

of known or suspected instances of

non-compliance with laws and

regulations or fraud;

• Identifying and testing journal

entries, in particular any journal

entries posted with unusual account

combinations; and

• Challenging estimates and judgements

made by management and assessing

these for management bias in

particular relating to recoverability of

the carrying value of goodwill in

Informa TechTarget (Group) and

investments in subsidiary

undertakings (Parent Company) (see

Key audit matters section of this

report).

There are inherent limitations in the audit

procedures described above. We are less

likely to become aware of instances of

non-compliance with laws and

regulations that are not closely related to

events and transactions reflected in the

financial statements. Also, the risk of not

detecting a material misstatement due to

fraud is higher than the risk of not

detecting one resulting from error, as

fraud may involve deliberate concealment

by, for example, forgery or intentional

misrepresentations, or through collusion.

Our audit testing might include testing

complete populations of certain

transactions and balances, possibly

using data auditing techniques. However,

it typically involves selecting a limited

number of items for testing, rather than

testing complete populations. We will

often seek to target particular items for

testing based on their size or risk

characteristics. In other cases, we will

use audit sampling to enable us to draw

a conclusion about the population from

which the sample is selected.

A further description of our

responsibilities for the audit of the

financial statements is located on the

FRC’s website at: www.frc.org.uk/

auditorsresponsibilities. This description

forms part of our auditors’ report.

Financial Statements

134

Informa Annual Report and Accounts 2025

Use of this report

This report, including the opinions,

hasbeen prepared for and only for the

Parent Company’s members as a body

in accordance with Chapter 3 of Part 16

of the Companies Act 2006 and for no

other purpose. We do not, in giving

these opinions, accept or assume

responsibility for any other purpose

orto any other person to whom this

report is shown or into whose hands

itmay come save where expressly

agreed by our prior consent in writing.

Other required reporting

Companies Act 2006

exception reporting

Under the Companies Act 2006 we

arerequired to report to you if, in

ouropinion:

• we have not obtained all the

information and explanations we

require for our audit; or

• adequate accounting records have

not been kept by the Parent

Company, or returns adequate for

our audit have not been received

from branches not visited by us; or

• certain disclosures of directors’

remuneration specified by law are

not made; or

• the Parent Company Financial

Statements and the part of the

Directors’ Remuneration Report to

be audited are not in agreement with

the accounting records and returns.

We have no exceptions to report

arising from this responsibility.

Appointment

We were first appointed by the Parent

Company for the financial year ended

31 December 2023. Our uninterrupted

engagement covers 3 financial years.

Other matter

The company is required by the

Financial Conduct Authority Disclosure

Guidance and Transparency Rules to

include these financial statements in

an annual financial report prepared

under the structured digital format

required by DTR 4.1.15R - 4.1.18R and

filed on the National Storage

Mechanism of the Financial Conduct

Authority. This auditors’ report

provides no assurance over whether

the structured digital format annual

financial report has been prepared in

accordance with those requirements.

Christopher Burns

(SeniorStatutory Auditor)

for and on behalf of

PricewaterhouseCoopers LLP

Chartered Accountants and

StatutoryAuditors

London

11 March 2026

135

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Consolidated Income Statement

for the year ended 31 December 2025

Notes

		Adjusted	Adjusting	Statutory	Adjusted	Adjusting	Statutory
		results	items	results	results	items	results
		2025	2025	2025	2024	2024	2024
		£m	£m	£m	£m	£m	£m
Revenue	4	4,041.4	–	4,041.4	3,553.1	–	3,553.1
Net operating expenses	6	(2,906.1)	(515.3)	(3,421.4)	(2,560.9)	(480.2)	(3,041.1)
Impairment – goodwill	7	–	(484.2)	(484.2)	–	–	–
Other operating income	6	–	1.4	1.4	–	29.5	29.5
Operating profit/(loss) before joint ventures and associates		1,135.3	(998.1)	137.2	992.2	(450.7)	541.5
Share of results of joint ventures and associates	19	4.5	–	4.5	2.8	(1.5)	1.3
Operating profit/(loss)		1,139.8	(998.1)	141.7	995.0	(452.2)	542.8
Fair value loss on investments	19	–	(57.6)	(57.6)	–	(9.2)	(9.2)
Loss on disposal of subsidiaries and operations		–	(2.1)	(2.1)	–	(24.1)	(24.1)
Finance income	10	15.1	–	15.1	12.9	–	12.9
Finance costs	11	(158.8)	(2.6)	(161.4)	(92.5)	(22.6)	(115.1)
Profit/(loss) before tax		996.1	(1,060.4)	(64.3)	915.4	(508.1)	407.3
Tax (charge)/credit	12	(204.2)	123.1	(81.1)	(178.2)	137.3	(40.9)
Profit/(loss) for the year		791.9	(937.3)	(145.4)	737.2	(370.8)	366.4
Attributable to:
– Equity holders of the company	13	728.6	(717.6)	11.0	673.3	(375.6)	297.7
– Non-controlling interests	37	63.3	(219.7)	(156.4)	63.9	4.8	68.7
Earnings per share
– Basic (p)	13	56.0		0.8	50.4		22.3
– Diluted (p)	13	55.6		0.8	50.1		22.2

Financial Statements

136

Informa Annual Report and Accounts 2025

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2025

Notes

		2025	2024
		£m	£m
(Loss)/profit for the year		(145.4)	366.4
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension surplus	34	(5.5)	(1.0)
Total items that will not be reclassified subsequently to profit or loss		(5.5)	(1.0)
Items that may be reclassified subsequently to profit or loss:
Exchange (loss)/gain on translation of foreign operations		(420.6)	94.6
Exchange loss arising on disposal of foreign operations		–	(17.3)
Exchange gain on the deconsolidation of former subsidiaries		–	3.9
Net investment hedges:
Gain/(loss) on net investment hedges		167.2	(80.3)
Cash flow hedges:
Fair value gain/(loss) arising on hedging instruments		32.6	(49.3)
Less: (loss)/gain reclassified to profit or loss		(77.8)	62.5
Movement in cost of hedging reserve		1.8	(1.2)
Tax charge relating to items that may be reclassified subsequently to profit or loss		(1.2)	(4.4)
Total items that may be reclassified subsequently to profit or loss		(298.0)	8.5
Other comprehensive (expense)/income for the year		(303.5)	7.5
Total comprehensive (expense)/income for the year		(448.9)	373.9
Total comprehensive (expense)/income attributable to:
– Equity holders of the company		(261.9)	302.2
– Non-controlling interests		(187.0)	71.7
		(448.9)	373.9

137

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Consolidated Statement of Changes in Equity

for the year ended 31 December 2025

							Non-
	Share	Share	Translation	Other	Retained		controlling	Total
	capital 1	premium 1	reserve	reserves 2	earnings	Total 3	interests	equity
	£m	£m	£m	£m	£m	£m	£m	£m
At 1 January 2024	1.4	1,878.6	(75.6)	2,090.6	2,853.5	6,748.5	436.1	7,184.6
Profit for the year	–	–	–	–	297.7	297.7	68.7	366.4
Exchange gain on translation of foreign operations	–	–	91.6	–	–	91.6	3.0	94.6
(Loss)/gain arising on net investment and cash
flow hedges	–	–	(80.3)	12.0	–	(68.3)	–	(68.3)
Foreign exchange recycling of disposed entities	–	–	(17.3)	–	–	(17.3)	–	(17.3)
Exchange gain on the deconsolidation of formersubsidiaries	–	–	3.9	–	–	3.9	–	3.9
Actuarial loss on defined benefit pension schemes	–	–	–	–	(1.0)	(1.0)	–	(1.0)
Tax relating to components of other comprehensive income	–	–	(4.4)	–	–	(4.4)	–	(4.4)
Total comprehensive (loss)/income for the year	–	–	(6.5)	12.0	296.7	302.2	71.7	373.9
Dividends to shareholders	–	–	–	–	(248.2)	(248.2)	–	(248.2)
Dividends to non-controlling interests	–	–	–	–	–	–	(31.4)	(31.4)
Share award expense	–	–	–	20.6	–	20.6	–	20.6
Issue of shares	–	–	–	37.5	–	37.5	–	37.5
Shares for Trust purchase	–	–	–	(5.4)	–	(5.4)	–	(5.4)
Transfer of vested LTIPs	–	–	–	(12.9)	12.9	–	–	–
Share buyback 4	(0.1)	–	–	90.9	(424.2)	(333.4)	–	(333.4)
Deconsolidation of former subsidiaries	–	–	–	–	8.3	8.3	(41.4)	(33.1)
Transfer to realised profit 5	–	–	–	(4.0)	4.0	–	–	–
Disposal of non-controlling interests	–	–	–	–	(0.8)	(0.8)	(121.8)	(122.6)
Acquisition of non-controlling interests	–	–	–	–	(41.7)	(41.7)	518.9	477.2
Transactions with non-controlling interests	–	–	–	(0.6)	–	(0.6)	2.2	1.6
Remeasurement of put call options	–	–	–	(1.8)	–	(1.8)	–	(1.8)
At 31 December 2024	1.3	1,878.6	(82.1)	2,226.9	2,460.5	6,485.2	834.3	7,319.5
Profit/(loss) for the year	–	–	–	–	11.0	11.0	(156.4)	(145.4)
Exchange loss on translation of foreign
operations	–	–	(390.0)	–	–	(390.0)	(30.6)	(420.6)
Gain/(loss) arising on net investment and cash
flow hedges	–	–	167.2	(43.4)	–	123.8	–	123.8
Actuarial loss on defined benefit pension
schemes	–	–	–	–	(5.5)	(5.5)	–	(5.5)
Tax relating to components of other comprehensive expense	–	–	(1.2)	–	–	(1.2)	–	(1.2)
Total comprehensive (loss)/ income for the year	–	–	(224.0)	(43.4)	5.5	(261.9)	(187.0)	(448.9)
Dividends to shareholders	–	–	–	–	(268.1)	(268.1)	–	(268.1)
Dividends to non-controlling interests	–	–	–	–	–	–	(29.9)	(29.9)
Share award expense	–	–	–	40.0	–	40.0	–	40.0
Issue of shares	–	0.6	–	–	–	0.6	–	0.6
Shares for Trust purchase	–	–	–	(6.3)	–	(6.3)	–	(6.3)
Transfer of vested LTIPs	–	–	–	(13.0)	13.0	–	–	–
Share buyback 4	–	–	–	–	(352.3)	(352.3)	–	(352.3)
Transactions with non-controlling interests	–	–	–	–	13.6	13.6	(8.7)	4.9
Remeasurement of put call options	–	–	–	0.4	–	0.4	–	0.4
At 31 December 2025	1.3	1,879.2	(306.1)	2,204.6	1,872.2	5,651.2	608.7	6,259.9

1 See Note 35

2 See Note 36

3 Total attributable to equity holders of the company

4 £352 .3m (2024: £4 24. 2m) of shares have been bought back during the period

5 Relates to the IFRS 2 reserve for the Management Incentive Plan (MIP) transferred to realised profit as part of the Curinos disposal

Financial Statements

138

Informa Annual Report and Accounts 2025

Consolidated Balance Sheet

as at 31 December 2025

Notes

		At	At
		31 December	31 December
		2025	2024
Non-current assets		£m	£m
Goodwill	15	7,053.4	7,787.0
Other intangible assets	16	3,366.0	3,810.9
Property and equipment	17	78.4	75.0
Right-of-use assets	18	237.0	209.4
Investments in joint ventures and associates	19	81.1	92.7
Other investments	19	118.6	186.5
Non-current tax assets	12	57.2	–
Deferred tax assets	20	71.7	85.7
Retirement benefit surplus	34	44.1	48.5
Finance lease receivables	18	6.0	8.8
Other receivables	22	42.3	51.2
Derivative financial instruments	23	72.7	–
Current assets		11,228.5	12,355.7
Inventory	21	44.1	43.0
Trade and other receivables	22	685.4	717.0
Current tax assets	12	25.9	25.9
Cash and cash equivalents	25	330.5	484.3
Investments	26	–	61.8
Finance lease receivables	18	3.2	2.9
Derivative financial instruments	23	7.2	0.1
		1,096.3	1,335.0
Total assets		12,324.8	13,690.7
Current liabilities
Borrowings	27	(449.8)	(909.3)
Lease liabilities	18	(49.5)	(34.4)
Current tax liabilities	12	(113.0)	(128.5)
Provisions	30	(26.1)	(26.8)
Contingent consideration and put call options	31	(11.2)	(31.4)
Trade and other payables	32	(682.7)	(687.9)
Deferred income		(1,169.2)	(1,166.6)
Derivative financial instruments	23	(2.2)	(76.4)
Non-current liabilities		(2,503.7)	(3,061.3)
Borrowings	27	(2,727.6)	(2,298.3)
Lease liabilities	18	(252.2)	(243.7)
Derivative financial instruments	23	(4.5)	(127.8)
Deferred tax liabilities	20	(527.7)	(593.4)
Retirement benefit obligation	34	–	(5.8)
Provisions	30	(14.5)	(15.3)
Contingent consideration and put call options	31	(19.2)	(14.9)
Trade and other payables	32	(15.5)	(10.7)
		(3,561.2)	(3,309.9)
Total liabilities		(6,064.9)	(6,371.2)
Net assets		6,259.9	7,319.5
Share capital	35	1.3	1.3
Share premium	35	1,879.2	1,878.6
Translation reserve		(306.1)	(82.1)
Other reserves	36	2,204.6	2,226.9
Retained earnings		1,872.2	2,460.5
Equity attributable to equity holders of the Parent Company		5,651.2	6,485.2
Non-controlling interest	37	608.7	834.3
Total equity		6,259.9	7,319.5

These Consolidated Financial Statements on pages 136 to 210 were approved by the Board of Directors and authorised for

issue on 11 March 2026 and signed on its behalf by

Stephen A. Carter Gareth Wright

Group Chief Executive Group Finance Director

139

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Consolidated Cash Flow Statement

for the year ended 31 December 2025

Notes

		2025	2024
Operating activities		£m	£m
Cash generated by operations	24	1,187.5	1,011.4
Income taxes paid		(156.5)	(122.3)
Interest paid		(154.7)	(87.5)
Net cash inflow from operating activities		876.3	801.6
Investing activities
Interest received		15.2	13.3
Dividends received from investments	19	3.4	1.4
Purchase of property and equipment	17	(27.4)	(30.6)
Purchase of intangible software assets	16	(61.5)	(51.2)
Product development costs additions	16	(15.1)	(18.2)
Purchase of intangibles related to titles, brands and customer relationships	16	(4.3)	(8.2)
Acquisition of subsidiaries and operations, net of cash acquired	24	(62.1)	(1,450.5)
Acquisition of other investments	19	–	(6.7)
Cash (outflow)/inflow from disposal of subsidiaries and operations		(29.4)	199.2
Proceeds from sale of investments	26	62.2	–
Finance lease receipts		3.3	2.4
Net cash outflow from investing activities		(115.7)	(1,349.1)
Financing activities
Dividends paid to shareholders	14	(268.1)	(248.2)
Dividends paid to non-controlling interests	14	(29.9)	(31.0)
Repayment of borrowings	29	(1,608.0)	(914.5)
Proceeds from borrowings	29	1,754.7	2,379.1
Repayment of borrowings acquired	29	(331.1)	(59.2)
Borrowing fees paid	29	(6.2)	(21.8)
(Repayment of)/proceeds from loans with other parties	29	(7.5)	7.9
Acquisition of non-controlling interests		(3.3)	(14.6)
Repayment of principal lease liabilities	18	(46.1)	(26.7)
Purchase of shares for share buyback	35	(352.3)	(428.2)
Purchase of shares for Employee Share Trust	36	(6.3)	(5.4)
Net cash (outflow)/inflow from financing activities		(904.1)	637.4
Net (decrease)/increase in cash and cash equivalents		(143.5)	89.9
Effect of foreign exchange rate changes		(10.3)	5.1
Cash and cash equivalents at beginning of the year	25	484.3	389.3
Cash and cash equivalents at end of the year	25	330.5	484.3

Financial Statements

140

Informa Annual Report and Accounts 2025

Notes to the Consolidated Financial Statements

for the year ended 31 December 2025

1. General information

Informa PLC (the company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006

and is listed on the London Stock Exchange. The company is a public company limited by shares and is registered in England

and Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London, SW1P 1WG.

The Consolidated Financial Statements as at 31 December 2025 and for the year then ended comprise those of the company,

its subsidiaries and its interests in joint ventures and associates (together referred to as the Group).

The nature of the Group’s operations and its principal activities are set out in the Strategic Report on pages 2 to 77.

These Consolidated Financial Statements are presented in pounds sterling (GBP), which is the currency of the primary

economic environment in which the Group operates and the functional currency of the Parent Company, Informa PLC.

Foreign operations are included in accordance with the policies set out in Note 2.

2. Material accounting policies

Basis of accounting

The Consolidated Financial Statements have been prepared in accordance with the UK-adopted International Accounting

Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those

standards.

Going concern

To complete the going concern assessment, the Directors have modelled a base case with sensitivities and a reverse stress

test for the period to June 2027. In modelling the base case, the Directors have assumed Group financial performance is

consistent with the guidance given for 2026, followed by similar growth in the first half of 2027.

The reverse stress test shows that the Group can afford to lose 42% of its revenue from 1 April 2026 to the end of June 2027

and maintain positive liquidity headroom. This extremely remote scenario assumes no action is taken to deliver indirect cost

savings, that existing customer receipts are refunded for any cancelled or deferred events, and that no further receipts are

collected in the period.

Based on these results, the Directors believe the Group is well placed to manage its financing and other business risks in a

satisfactory way. The Directors have been able to form a reasonable expectation that the Group has adequate resources to

continue in operation for at least 12 months from the signing date of this Annual Report and Accounts, and consider it

appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. Further

detail is contained in the Strategic Report on page 71.

The Consolidated Financial Statements have been prepared on the historical cost basis, except for certain financial

instruments, pension assets and investments which are measured at fair value. The principal accounting policies adopted

are set out below, all of which have been consistently applied to all periods presented in the Consolidated Financial

Statements.

The Group has taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year

ended 31 December 2025 for UK subsidiaries listed on page 218.

Basis of consolidation

The Consolidated Financial Statements incorporate the financial statements of the company and all its subsidiaries. The

Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and

has the ability to affect those returns through its power over the investee. The results of subsidiaries acquired or sold are

included in the Consolidated Financial Statements from the effective date of acquisition or up to the effective date of

disposal, as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to bring their

accounting policies into line with those used by other members of the Group.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in

the net assets of consolidated subsidiaries are identified separately from the Group’s equity and consist of the net assets of

those interests at the date of the original business combination plus their share of changes in equity since that date.

Joint arrangements are contractual agreements where two or more parties share control, requiring unanimous consent for

decisions about relevant activities. Joint arrangements are classified as either joint ventures, where the Group has rights to

the net assets of the arrangement, or joint operations, where the Group has direct rights to the assets and obligations for

the liabilities of the arrangement. Associates are undertakings over which the Group exercises significant influence, usually

between 20% and 50% of the equity voting rights, in respect of the financial and operating policies, and is neither a

subsidiary nor an interest in a joint venture.

141

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

2. Material accounting policies continued

The Group accounts for its interests in joint ventures and associates using the equity method. Under the equity method, the

investment in the joint venture or associate is initially measured at cost. The carrying amount is adjusted to recognise

changes in the Group’s share of profit or loss of the joint venture or associate since the acquisition date. The Consolidated

Income Statement reflects the Group’s share of the results of operations of the entity. The Consolidated Statement of

Comprehensive Income includes the Group’s share of any other comprehensive income recognised by the joint venture or

associate. Dividend income is recognised when the right to receive the payment is established. Where an associate or joint

venture has net liabilities, full provision is made for the Group’s share of liabilities where there is a constructive or legal

obligation to provide additional funding to the associate or joint venture. The Group accounts for its interest in joint

operations by recognising its share of assets, liabilities, revenues and expenses.

Foreign currencies

Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the

dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are

retranslated at the rates ruling at that date. These translation differences are included in net operating expenses in the

Consolidated Income Statement.

Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at

the date when the fair value was determined. Where a gain or loss on a non-monetary item is recognised in other

comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. When a

gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is

recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not

retranslated.

The balance sheet of foreign subsidiaries is translated into pounds sterling at the closing rates of exchange. The

Consolidated Income Statement results are translated at an average exchange rate, recalculated for each month at the prior

month’s closing rate.

Foreign exchange differences arising from the translation of opening net investments in foreign subsidiaries at the closing

rate are taken directly to the translation reserve. In addition, foreign exchange differences arising from retranslation of the

foreign subsidiaries’ results from monthly average rate to closing rate are also taken directly to the Group’s translation

reserve.

Where a disposal of a foreign subsidiary occurs, the translation differences are recognised in the Consolidated Income

Statement in the financial year that the disposal occurs.

The translation movements on matched long-term foreign currency borrowings, and derivative financial instruments

qualifying as hedging instruments under IFRS 9 Financial Instruments, are also taken to the translation reserve, to the extent

the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is

included in the finance costs line item. Gains and losses on the hedging instrument accumulated in the translation reserve

are reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group treats specific

intercompany loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the

foreign entity and translated at the acquisition closing rate. This is then revalued at the year end rate with any foreign

exchange difference taken directly to the translation reserve.

Business combinations

The acquisition of subsidiaries and other asset purchases that are assessed as meeting the definition of a business under

the rules of IFRS 3 Business Combinations are accounted for using the acquisition method. The consideration for each

acquisition is measured at the aggregate of fair values of assets given, liabilities incurred or assumed, and equity

instruments issued by the Group in exchange for control of the acquiree. If the accounting for business combinations

involves provisional amounts, which are finalised in a subsequent reporting period during the 12-month measurement

period as permitted under IFRS 3, restatement of these provisional amounts may be required in the subsequent reporting

period. Acquisitions by the Group could be subject to measurement-period adjustments; therefore, as permitted by IFRS 3,

acquisitions have been accounted for using a provisional accounting basis. Acquisition and integration costs incurred are

expensed and included in adjusting items in the Consolidated Income Statement.

If the business combination is achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest

in the acquiree is remeasured to fair value at the acquisition date through the Consolidated Income Statement. If the business

combination is achieved with less than 100% ownership, non-controlling interest is valued at fair value within equity.

Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.

Subsequent changes to the fair value of the contingent consideration, which is classified as a financial liability that is within

the scope of IFRS 9, will be recognised in the Consolidated Income Statement.

Financial Statements

142

Informa Annual Report and Accounts 2025

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount

recognised for non-controlling interests over the net identifiable assets acquired and liabilities assumed. If this

consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the

Consolidated Income Statement. The Group recognises any non-controlling interest at the proportionate share of the

acquiree’s identifiable net assets.

Disposals

At the date of a disposal, or loss of control, joint control or significant influence over a subsidiary, joint venture or associate, the

Group derecognises the assets and liabilities of the entity, with the carrying amount of any non-controlling interest and any

cumulative translation differences recorded in equity. The fair value of consideration including the fair value of any investment

retained is recognised. The consequent profit or loss on disposal that is not disclosed as a discontinued operation is recognised

in the Consolidated Income Statement within the ‘profit or loss on disposal of subsidiaries and operations’ line.

Revenue and deferred income

IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step model to be applied to all

sales contracts. It is based on the transfer of control of goods and services to customers, and requires the identification and

assessment of the satisfaction/delivery of each performance obligation in a contract to recognise revenue.

Where separate performance obligations are identified in a single contract, total revenue is allocated on the basis of relative

stand-alone selling prices to each performance obligation, or management’s best estimate of relative value where stand-

alone selling prices do not exist.

Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods

and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes, and provisions

for returns and cancellations. Revenue for each category type is typically fixed at the date of the order and is not variable.

Given the similarity in nature of the revenue types, sponsorship revenue, and exhibitor and related services have been

combined in the table below, and within the notes to the financial statements.

Payments received in advance of the satisfaction of a performance obligation are held as deferred income until the point at

which the performance obligation is satisfied. Deferred income balances included in non-current liabilities, which is an

immaterial amount, relate to payments received more than one year in advance for biennial and triennial events and

exhibitions. Deferred income balances included in current liabilities at the reporting date will be recognised as revenue

within 12 months.

Revenue type	Performance obligations	Revenue recognition accounting policy	Timing of customer payments
Sponsorship and	Provision of event sponsorship and	Performance obligations are satisfied	Payments for event sponsorship are
exhibitor	other services associated with	at the point of time that services are	normally received in advance of the
	exhibition and conference events,	provided to the customer with	sponsorship period and are held as deferred
	including virtual events.	revenue recognised when the event	income until the services are provided.
		has taken place.	Payments for exhibitor and related services
		Revenue relating to sponsorship at	are normally received in advance of the
		events is recognised on a point of time	event dates, which are typically up to 12
		basis at the event date.	months in advance of the event date and are
			held as deferred income until the event date.
Subscriptions	Provision of journals and online	Performance obligations are satisfied	Subscription payments are normally
	information services that are	both at a point in time, with revenue	received in advance of the commencement
	provided on a periodic basis or	recognised at that point and over time,	of the subscription period, which is typically
	updated on a real-time basis.	with revenue recognised straight-line	a 12-month period, and are initially held as
		over the period of the subscription.	deferred income and released over the
			subscription period.
Transactional sales	Provision of books and specific	Revenue is recognised at the point of	Transactional sales to customers are
	publications in print or digital	time when control of the product is	typically on credit terms and customers pay
	format, including one-off archive	passed to the customer or the	according to these terms.
	data access.	information service has been provided.
		Control is passed to the customer when
		the goods have been delivered to them.
Attendee revenue	Provision of exhibition or	Performance obligations are satisfied	Payments by attendees are normally
	conference events.	at the point of time that the event is	received either in advance of the event date
		held, with attendee revenue	and are held as deferred income until the
		recognised at this date.	event date, or at the event.
Marketing and lead	Provision of marketing services	Performance obligations are satisfied	Payments for such services are normally
generation	and leads.	over the period of the marketing	received in advance of the marketing or lead
		subscription or over the period when	generation period and are held as deferred
		the marketing and lead generation	income until the services are provided.
		services are provided. Revenue is
		recognised on a straight-line basis
		over the subscription period.

143

Informa Annual Report and Accounts 2025

Financial StatementsGS A

2. Material accounting policies continued

Revenue relating to barter transactions is recorded at the fair value of the goods or services received from the customer, and

the timing of recognition is in line with the above. Expenses from barter transactions are also recorded at their fair value and

recognised as incurred. Barter transactions typically involve the trading of show space or conference places in exchange for

services provided at events or media advertising.

There are no material contract assets arising on work performed in order to deliver performance obligations. Where there

are incremental costs of obtaining a contract, the company has elected to apply the practical expedient in IFRS 15 which

permits those costs to be expensed when incurred, if the amortisation period would be 1 year or less. See Notes 4 and 5 for

further details of revenue by type, business segment and geographic location.

Pension costs and pension scheme arrangements

Certain Group companies operate defined contribution pension schemes for colleagues. The assets of the schemes are held

separately from the individual companies. The pension charge associated with these schemes represents contributions

payable and is charged as an expense when incurred.

The Group also operates funded defined benefit schemes for colleagues. The cost of providing these benefits is determined

using the Projected Unit Credit Method, with actuarial valuations being carried out at regular intervals. There is no service

cost due to the fact that these schemes are closed to future accruals. Net interest is calculated by applying a discount rate to

the opening net defined benefit liability or asset and is shown in finance costs, and the administration costs are shown as a

component of operating expenses. Actuarial gains and losses are recognised in full in the period in which they occur, outside

of the Consolidated Income Statement and in the Consolidated Statement of Comprehensive Income.

The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the actual deficit or surplus in

the Group’s defined benefit plans under IAS 19. Any surplus resulting from this calculation is limited to the present value of

any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Share-based payments

The Group issues equity-settled share-based payment awards to certain colleagues. These are measured at fair value at date of

grant. An expense is recognised to spread the fair value of each award over the vesting period on a straight-line basis, after

allowing for an estimate of awards that will not vest. At each reporting date, the Group revises its estimate of the number of

equity instruments expected to vest. The impact of the revision on the original estimates, if any, is recognised in the Consolidated

Income Statement such that the cumulative expense reflects the revised estimate. Non-market vesting conditions are taken into

account by adjusting the number of awards expected to vest at each reporting date so that the cumulative amount recognised

over the vesting period uses the number of awards that eventually vest. Market vesting conditions are factored into the fair value

of awards at grant date. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market

vesting conditions are satisfied and there is not an adjustment for failure to achieve a market vesting condition.

Own shares are deducted in arriving at total equity and represent the cost of the company’s ordinary shares acquired by the

Employee Share Trust and ShareMatch in connection with certain Group colleague share schemes.

Interest income

Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective interest rate

applicable. Cash flows from interest income are included as part of investing activities in the Consolidated Cash Flow Statement.

Taxation

The tax expense represents the sum of the current tax payable and deferred tax. Current tax is based on taxable profit for

the year. Taxable profit differs from profit before tax as reported in the Consolidated Income Statement because it excludes

items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable

or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the reporting date.

A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that

the Group will be required to settle that obligation. The provision is the best estimate of the consideration required to settle

the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities

in the Consolidated Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is

accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary

differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which

deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises

from the initial recognition of goodwill or from the initial recognition of other assets and liabilities (other than in a business

combination) in a transaction that affects neither the tax nor accounting profit. To the extent that goodwill is tax deductible, where a

taxable temporary difference arises from the subsequent tax-deductible amounts, the associated deferred tax liability is recognised.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

144

Informa Annual Report and Accounts 2025

Deferred tax is calculated for all business combinations in respect of intangible assets and other assets that are part of the

fair value exercise. A deferred tax liability is recognised to the extent that the fair value of the assets for accounting purposes

exceeds the value of those assets for tax purposes and will form part of the associated goodwill on acquisition. Deferred tax

liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except

where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference

will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer

probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is

calculated at the tax rates that are substantively enacted at the reporting date in relation to the period when the liability is

expected to be settled or the asset is expected to be realised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against

current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to

settle its current tax assets and liabilities on a net basis.

Current and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that are

recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also

recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from

the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

The Group is a multinational group with tax liabilities arising in many geographic locations. This inherently leads to

complexity in the Group’s tax structure. Therefore, the calculation of the Group’s current tax liabilities and tax expense

necessarily involves a degree of estimation and judgement in respect of items whose tax treatment cannot be finally

determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal

process. The resolution of issues is not always within the control of the Group and issues can, and often do, take many years

to resolve.

Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of

open items. As a result, there can be differences between the tax charge in the Consolidated Income Statement and tax

payments. The final resolution of certain of these items may give rise to profit and loss and/or cash flow variances. Any

difference between expectations and the actual future liability is accounted for in the period identified.

The Group has applied the temporary exception under IAS12 Deferred Tax related to the accounting for deferred taxes

arising from the implementation of the Pillar Two rules.

Goodwill

Goodwill arises from the acquisition of a subsidiary or business and is calculated as the excess of the purchase consideration

over the fair value of identifiable assets and liabilities acquired at the date of acquisition. Goodwill also includes amounts

corresponding to deferred tax liabilities recognised in respect of acquired intangible assets. It is recognised as an asset at cost,

assessed for impairment at least annually and subsequently measured at cost less any accumulated impairment losses.

Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On

disposal of a subsidiary or business, the attributable goodwill is included in the determination of the profit or loss on

disposal. Fair value measurements are based on provisional estimates and may be subject to amendment within one year of

the acquisition in line with IFRS 3 Business Combinations, resulting in an adjustment to goodwill.

Goodwill is tested for impairment annually, or more frequently when there is an indication that it may be impaired, at the

operating segment level. Testing at the operating segment level represents an aggregation of the cash generating units

(CGUs) and reflects the level at which goodwill is monitored in the business. At each reporting date, the Group reviews the

composition of its CGUs to reflect the impact of changes to cash inflows associated with reorganisations of its management

and reporting structure.

Where an impairment test is performed, the carrying value is compared with the recoverable amount which is the higher of

the value in use and the fair value less costs of disposal. Value in use is the present value of future cash flows and is

calculated using a discounted cash flow analysis based on the cash flows of the CGU compared with the carrying value of

that CGU, including goodwill. The Group estimates the discount rates as the risk-adjusted cost of capital for the particular

CGU. Fair value less costs of disposal is the amount that a market participant would pay for the CGU less the costs of disposal

and uses an income-based approach calculated using a discounted cash flow analysis based on the cash flows of the CGU on

a post-tax basis. If the recoverable amount of the CGU or group of CGUs is less than its carrying amount, the impairment loss

is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit

pro-rata on the basis of the carrying amount of each asset in the unit.

In undertaking the impairment testing at 31 December 2025, management considered its view on the likely outcome from

potential climate change scenarios, and after taking into account the materiality of the expected impact, did not view there

to be any adjustment needed to the cash flow forecasts or long-term growth rates used in the testing.

145

Informa Annual Report and Accounts 2025

Financial StatementsGS A

2. Material accounting policies continued

Intangible assets

Intangible assets are initially measured at cost. For intangible assets acquired in business combinations, cost is calculated

based on the Group’s valuation methodologies. These assets are amortised over their estimated useful lives on a straight-

line basis, as follows:

Book lists 20 years

Journal titles 20 years

Brands and trademarks 5–30 years

Customer relationship databases 5–30 years

Intellectual property 5–30 years

Software 3–10 years

Product development 3–7 years

1 Or licence period if shorter

Software which is not integral to a related item of hardware is included in intangible assets. Capitalised internal-use

software costs include external direct costs of materials and services consumed in developing or obtaining the software,

and payroll and other direct costs for colleagues who devote substantial time to the project. Capitalisation of these costs

ceases when the project is substantially complete and available for use. These costs are amortised on a straight-line basis

over their expected useful lives.

Product development expenditure is capitalised as an intangible asset only if all capitalisation criteria are met, with all

research costs and other development expenditure being expensed when incurred. The capitalisation criteria are as follows:

• An asset is created that can be separately identified, and which the Group intends to use or sell

• It is technically feasible to complete the development of the asset for use or sale

• It is probable that the asset will generate future economic benefit

• The development cost of the asset can be measured reliably

Software and product development expenditure that is part of a Software-as-a-Service (SaaS) arrangement that conveys to

the Group only the right to receive access to the supplier’s application software in the future is a service contract and is not

shown as an intangible asset. Similarly, the costs of configuring or customising the supplier’s application software in a SaaS

arrangement that is determined to be a service contract is not shown as an intangible asset with such costs being expensed

as incurred, with the exception being if the spend resulted in an ‘identifiable’ asset that meets the recognition criteria in IAS

38 Intangible Assets.

The expected useful lives of intangible assets are reviewed annually. The Group does not have any intangible assets with

indefinite useful lives (excluding goodwill).

Property and equipment

Property and equipment is recorded at cost less accumulated depreciation and provision for impairment. Depreciation is

provided to expense the cost less the estimated residual value of property and equipment on a straight-line basis over the

estimated useful lives of the assets.

Freehold land is not depreciated. These assets are depreciated over their estimated useful lives, as follows:

Freehold buildings 50 years

Leasehold land and buildings including right-of-use assets Shorter of useful economic life or life of the lease

Equipment, fixtures and fittings 2–5 years

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sale

proceeds and the carrying amount of the asset, and is recognised in the Consolidated Income Statement.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

146

Informa Annual Report and Accounts 2025

Leases

The Group as lessee

The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-

use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for

short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets

and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease

payments directly in the Consolidated Income Statement as expenses.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement

date, using the discount rate implicit within the lease. Where a discount rate is not implicit in the lease, an incremental

borrowing rate reflecting the risk profile of the underlying asset and the term of the lease length is calculated. The lease

liability is presented as a separate line in the Consolidated Balance Sheet. The lease liability is subsequently measured by

increasing the carrying amount to reflect interest on the lease liability (using the discount rate used at commencement) and

by reducing the carrying amount to reflect the lease payments made.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

• A lease contract is modified and the lease modification is not accounted for as a separate lease. At the effective date of the

modification, the lease liability is remeasured based on the modified lease term by discounting the revised lease

payments using a revised discount rate.

• The lease payments change due to changes in an index, rate or expected payments. At the effective date of the change, the

lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the change

in lease payments arises from a change in floating interest rates, then a revised discount rate is used).

Right-of-use assets comprise the initial measurement of the corresponding lease liability and any lease payments made at or

before the commencement date, less any lease incentives received and vacant property provisions. They are subsequently

measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the

expected lease term of the underlying asset. The depreciation starts at the commencement date of the lease. Right-of-use

assets are presented as a separate line in the Consolidated Balance Sheet. The Group applies IAS 36 to assess whether a

right-of-use asset is impaired and accounts for any identified impairment loss against the right-of-use asset.

IFRS 16 requires certain judgements and estimates to be made. The most significant of these relate to the discount rates

used and the term of the lease. However, these are not considered a critical accounting judgement or key source of

estimation uncertainty.

Discount rates are calculated on a lease-by-lease basis. For most leases, the rate used is a portfolio rate, based on estimates

of incremental borrowing costs. The portfolio of rates depends on the territory of the relevant lease, hence the currency

used, and the weighted average lease term. As a result, reflecting the breadth of the Group’s lease portfolio, a level of

judgement is required in selecting the most appropriate discount rate. The standard permits the adoption of a portfolio

approach whereby a single group guarantee discount rate can be used for leases of a similar nature; therefore, this practical

expedient has been used where appropriate.

IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a

lease if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to extend

the lease term, the Group makes a judgement as to whether it is reasonably certain that the option will be taken, and an

assumed expiry date is determined. Where there are extension options on specific leases and the assumed expiry date is

determined to have changed, the lease term is reassessed. This reassessment of the remaining life of the lease could result

in a recalculation of the lease liability and the right-of-use asset, and potentially result in a material adjustment to the

associated balances of depreciation and lease interest.

The Group as lessor

Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer

substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases

are classified as operating leases.

When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts.

The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

Rental income from operating leases is recognised directly in the Consolidated Income Statement. The Group acts as a lessor

only when office properties leased by the Group have been vacated and subsequently sublet to third parties.

Amounts due from lessees under finance leases are recognised as finance lease receivables at the amount of the Group’s

present value of the lease receipts. The finance lease receivable is subsequently measured by increasing the carrying

amount to reflect interest on the finance lease receivable (using the discount rate used at commencement) and by reducing

the carrying amount to reflect the lease payments received.

147

Informa Annual Report and Accounts 2025

Financial StatementsGS A

2. Material accounting policies continued

Impairment of tangible and intangible assets

At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether

there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable

amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where the asset does not

generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to

which the asset belongs.

The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market

assessments of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have

not been adjusted. Fair value less costs of disposal uses an income-based approach to calculate a value.

If the recoverable amount of an asset, or CGU, is estimated to be less than its carrying amount, the carrying amount of the

asset, or CGU, is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the

relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Other investments

Other investments are entities over which the Group does not have significant influence (typically where the Group holds

less than 20% of the entity’s voting interests). Other investments are classified as assets held at fair value through profit or

loss under IFRS 9, with changes in fair value reported in the Consolidated Income Statement.

Inventory

Inventory is stated at the lower of cost and net realisable value. Cost comprises direct materials and expenses incurred in

bringing the inventory to its present location and condition. Net realisable value represents the estimated selling price less

marketing and distribution costs expected to be incurred. Pre-publication costs are included in inventory, representing costs

incurred in the origination of content prior to publication. These are expensed systematically, reflecting the expected sales

profile over the estimated economic lives of the related products, typically over four years.

Financial assets

Financial assets are recognised in the Group’s Consolidated Balance Sheet when the Group becomes a party to the

contractual provisions of the instrument.

Trade and other receivables

Trade and other receivables without a significant financing component are initially measured at the transaction price and are

subsequently measured at amortised cost using the effective interest rate method, less any impairment. Further details on

the Group’s loss allowance considerations can be found in Note 33(f).

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and balances with banks and similar institutions. Cash equivalents

comprise bank deposits and money market funds, which are readily convertible to known amounts of cash and have a

maturity of three months or less, are subject to an insignificant risk of changes in value and there is a reasonable

expectation that these funds will be used for meeting the short-term cash commitments of the Group.

Impairment of financial assets

The Group recognises lifetime expected credit losses (ECL) for trade receivables and lease receivables. The ECL on these

financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific to

the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of

conditions at the reporting date, including time value of money where appropriate. The carrying amount is reduced by the

ECL through the use of a provision account. When a trade receivable is considered uncollectible, it is written off against the

provision account.

Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying

amount of the provision are recognised in the Consolidated Income Statement.

For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit

risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial

recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

148

Informa Annual Report and Accounts 2025

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a

financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default

events on a financial instrument that are possible within 12 months after the reporting date.

Financial liabilities and equity instruments issued by the Group

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements

entered into.

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its

liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

Borrowings

Interest-bearing loans are recorded at the proceeds received, net of direct issue costs, and stated at amortised cost using

the effective interest rate method. The amortised cost calculation is revised when necessary to reflect changes in the

expected cash flows and the expected life of the borrowings, including the effects of the exercise of any prepayment, call or

similar options. Any resulting adjustment to the carrying amount of the borrowings is recognised as finance costs in the

Consolidated Income Statement. Cash flows relating to finance costs are included in operating activities in the Consolidated

Cash Flow Statement.

Net debt

Net debt consists of cash and cash equivalents and includes bank overdrafts, borrowings, derivatives associated with debt

instruments, finance leases, lease liabilities, deferred borrowing fees and other loan receivables or loan payables, excluding

in either case fair value through profit or loss items and amounts in escrow, where these are interest-bearing and do not

relate to deferred consideration arrangements for acquisitions or disposals.

Debt issue costs

Debt issue costs, including the premium payable on settlement or redemption, are accounted for on an accrual basis in the

Consolidated Income Statement using the effective interest rate method. These costs are added to the carrying amount of

the instrument to the extent that they are not settled in the period in which they arise.

Trade and other payables

Trade and other payables (including accruals) are initially measured at fair value, and are subsequently measured at

amortised cost, using the effective interest rate method.

Other financial liabilities

Other financial liabilities are initially measured at fair value, net of transaction costs. Other financial liabilities are

subsequently measured at amortised cost using the effective interest rate method, as set out above, with interest expense

recognised on an effective yield basis.

Derivative financial instruments and hedge accounting

The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest

rates. The derivative instruments utilised by the Group to hedge these exposures are cross-currency interest rate swaps.

The Group does not use derivative contracts for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently

remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately

unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in

profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a

financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset

in the Consolidated Financial Statements unless the Group has both a legally enforceable right and intention to offset.

The Group designates certain derivatives as either:

• Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash

flow hedge)

• Hedges of a net investment in a foreign operation (net investment hedge)

• Hedges of changes in the fair value of a recognised asset or liability or unrecognised firm commitment (fair value hedge)

149

Informa Annual Report and Accounts 2025

Financial StatementsGS A

2. Material accounting policies continued

The Group designates and documents at the inception of the transaction the relationship between hedging instruments and

hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions.

Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is

expected to be or has been highly effective in offsetting changes in cash flows, net investment assets or fair values of the

hedged item attributable to the hedged risk. This will occur when the hedging relationship meets all of the following hedge

effectiveness requirements:

• There is an economic relationship between the hedged item and the hedging instrument

• The effect of credit risk does not dominate the value changes that result from that economic relationship

• The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the

Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of

hedged item

If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk

management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the

hedging relationship (i.e. rebalances the hedge) so that the adjusted relationship meets the qualifying criteria once again.

The Group elects to exclude foreign currency basis from the designation of the financial instrument, applying the cost of

hedging approach. The amounts accumulated in the cost of hedging reserve are reclassified to profit or loss in line with the

aligned hedged item.

Cash flow hedges

Changes in the fair value of derivative financial instruments that are designated, and effective, cash flow hedges of forecast

transactions are recognised in other comprehensive income and accumulated under the heading of cash flow hedging

reserve, limited to the cumulative change in the fair value of the hedged item from inception of the hedge. The gain or loss

relating to the ineffective portion is recognised immediately in profit or loss.

The cumulative amount recognised in other comprehensive income and accumulated in equity is reclassified into the Consolidated

Income Statement out of other comprehensive income in the same period the hedged item is recognised in profit or loss.

Hedges of net investment in foreign operations

Hedges of net investment in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging

instrument in relation to the effective portion of the hedge is recognised in other comprehensive income and accumulated in

the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the

Consolidated Income Statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge

accumulated in the foreign currency translation reserve are reclassified to profit or loss when the hedged item is disposed of.

Fair value hedges

The Group has designated fair value hedges of certain fixed rate debt instruments where the derivatives used as hedging

instruments result in the Group paying a floating rate of interest. Changes in the fair value of derivatives that are designated

and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged debt

that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps hedging fixed

rate borrowings is recognised in profit or loss within finance costs, together with changes in the fair value of the hedged

fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognised in

profit or loss.

Discontinuation of hedge accounting

Hedge accounting is discontinued when the hedge instrument expires or is sold, terminated or exercised, or no longer

qualifies for hedge accounting; the discontinuation is accounted for prospectively. At that time, any cumulative gain or loss

on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged

transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the

Consolidated Income Statement in the period.

A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more

than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current

assets or current liabilities. Further details of derivative financial instruments are disclosed in Notes 23 and 33.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

150

Informa Annual Report and Accounts 2025

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is

probable that the Group will be required to settle that obligation. Provisions are measured at management’s best estimate

of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the

effect is material. Any difference between the amounts previously recognised and the current estimates is recognised

immediately in the Consolidated Income Statement.

Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring that has been

communicated to the affected parties. Acquisition and integration provisions are recognised when there is a commitment to

settle an obligation relating to expenditure incurred on acquisition-related items or integration items of spend that relate to

an acquisition. Onerous contract provisions are recognised when it is determined that the cost to fulfil the contract is higher

than the economic benefit to be obtained from it.

Alternative performance measures

In addition to the statutory results, adjusted results are prepared for the Consolidated Income Statement, including adjusted

operating profit and adjusted diluted earnings per share, as the Board considers these non-GAAP measures to be a useful

and alternative way to measure the Group’s performance in a way that is comparable to the prior year. See the Glossary of

terms: alternative performance measures on page 220 for definitions of non-GAAP measures, which includes adjusted

measures shown in Notes 7 and 13.

Adoption of new and revised International Financial Reporting Standards (IFRSs)

Standards and interpretations adopted in the current year

The following new standards and interpretations have been adopted in the current year, effective as of 1 January 2025:

• Amendments to IAS 21 – Lack of Exchangeability

The adoption of the above amendment did not lead to any significant changes to the Group’s accounting policies or have any

material impact on the financial position or performance of the Group.

Management also notes the IFRS Interpretations Committee (IFRIC) agenda decision from June 2024 relating to disclosures

under IFRS 8 – Operating Segments. The impact of the IFRIC agenda decision has been considered and reflected in these

financial statements. Refer to Note 5 for further details.

All other amendments and interpretations of IFRSs effective for the year ended 31 December 2025 have not led to any

changes to the Group’s accounting policies or had any material impact on the financial position or performance of the

Group.

Standards and interpretations in issue, but not yet effective

At the date of authorisation of these financial statements, the following standards and interpretations, which have not been

applied in these Consolidated Financial Statements, were in issue but have not yet come into effect:

• Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments

• Annual Improvements to IFRS Accounting Standards Volume 11 – Amendments to IFRS 1 First-time Adoption of International

Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7,

IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows

• Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity

• Amendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency

• IFRS 18 – Presentation and Disclosure in Financial Statements

• IFRS 19 – Subsidiaries without Public Accountability: Disclosures

The adoption of the above standards and interpretations, with the exception of IFRS 18, is not expected to lead to any changes

to the Group’s accounting policies or have any material impact on the financial position or performance of the Group.

In April 2024, the IASB issued IFRS 18, which replaces IAS 1, and is effective from 1 January 2027. It introduces new requirements

for presentation within the statement of profit or loss, including the classification of all income and expenses into five categories:

operating, investing, financing, income tax and discontinued operations, and introduces defined subtotals, including operating

profit. It also introduces new requirements to provide disclosures on ‘management-defined performance measures’ (MPMs) in

the notes to the accounts, and further considerations around the aggregation and disaggregation of information.

The Group is in the process of determining the impact of applying IFRS 18 on the Consolidated Financial Statements, and is

on track to report our first IFRS 18-compliant Consolidated Interim Financial Statements for the period ending 30 June 2027

and Consolidated Financial Statements for the period ending 31 December 2027.

151

Informa Annual Report and Accounts 2025

Financial StatementsGS A

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in Note 2, the Directors are required to make

judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other relevant factors. Actual

results may differ from these estimates.

Critical accounting judgements

In addition to the judgement taken by the Group in selecting and applying the accounting policies set out above, the

Directors have made the following judgements concerning the amounts recognised in the Consolidated Financial

Statements. There are no additional critical accounting judgements and key sources of estimation uncertainty relating to

climate-related risks.

Identification of adjusting items

The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide

additional useful information on business performance trends to shareholders. The Board considers these non-GAAP

measures as an appropriate way to measure the Group’s performance because it aids comparability to the prior year.

The terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRS and may not therefore be comparable with similarly

titled measurements reported by other companies. Management is therefore required to exercise its judgement in

appropriately identifying and describing these items. These measures are not intended to be a substitute for, or superior to,

IFRS measurements. Refer to the Glossary of terms: alternative performance measures for further understanding of

adjusting items.

The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory measures and

provides the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis with the prior year.

Estimation uncertainty

As at the year ended 31 December 2025, the Group noted two key sources of estimation uncertainty, which are outlined below.

Measurement of retirement benefit obligations

The measurement of the retirement benefit obligation and surplus involves the use of a number of assumptions. The most

significant of these relates to the discount rate and mortality assumptions where reasonable changes to these estimates

could result in a material adjustment to the retirement benefit obligations within the next financial year. The most significant

scheme is the UBM Pension Scheme (UBMPS). Note 34 details the principal assumptions which have been adopted following

advice received from independent actuaries and also provides sensitivity analysis with regard to changes to these

assumptions.

Assumptions used in the goodwill impairment assessment

The construction of the annual goodwill impairment assessment relies on management’s estimate of future cash flows,

discount rates and long-term growth rates to calculate the recoverable amount of each group of CGUs. In line with the

requirements of IAS 1, management has considered the impact of these assumptions on the future as well as at the balance

sheet date. Accordingly, we identify that a reasonably possible change in the discount rate, long-term growth rate and

future cash flow assumptions could cause a material change to the recoverable amount of the Informa TechTarget division,

which could give rise to an adjustment to the carrying value of assets. Note 15 provides further details of the sensitivity

analysis conducted.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

152

Informa Annual Report and Accounts 2025

4. Revenue

An analysis of the Group’s revenue by type is set out below; refer to the accounting policy in Note 2 on revenue for an

explanation of the nature of revenue types, their timing and related expected cash flows, and any uncertainties and

significant payment terms.

Year ended 31 December 2025

	Informa	Informa	Informa	B2B Live	Taylor &	Informa
	Markets	Connect	Festivals	Events	Francis	TechTarget	Total
	£m	£m	£m	£m	£m	£m	£m
Sponsorship and exhibitor	1,731.6	315.5	200.4	2,247.5	–	5.7	2,253.2
Subscriptions	38.7	55.8	35.5	130.0	384.2	59.1	573.3
Transactional sales	5.5	27.4	50.9	83.8	285.0	26.4	395.2
Attendee revenue	93.8	205.2	106.1	405.1	–	1.4	406.5
Marketing and lead generation	94.5	36.7	5.0	136.2	1.6	275.4	413.2
Total	1,964.1	640.6	397.9	3,002.6	670.8	368.0	4,041.4

Year ended 31 December 2024 (re-presented)

Revenue by type for the year ended 31 December 2024 has been re-presented. Refer to Note 41 for further details.

	Informa	Informa	Informa	B2B Live	Taylor &	Informa
	Markets	Connect	Festivals	Events	Francis	TechTarget	Total
	£m	£m	£m	£m	£m	£m	£m
Sponsorship and exhibitor	1,518.3	271.2	107.5	1,897.0	–	6.6	1,903.6
Subscriptions	38.2	151.5	9.8	199.5	368.8	53.2	621.5
Transactional sales	6.0	44.3	5.0	55.3	327.6	27.1	410.0
Attendee revenue	79.0	196.0	73.2	348.2	–	1.1	349.3
Marketing and lead generation	96.4	38.0	3.1	137.5	1.8	129.4	268.7
Total	1,737.9	701.0	198.6	2,637.5	698.2	217.4	3,553.1

5. Business segments

The Group has identified reportable segments based on financial information used by the Directors in allocating resources

and making strategic decisions. We consider the chief operating decision maker to be the Executive Directors.

As at 31 December 2025, the Group has five operating segments: Informa Markets, Informa Connect, Informa Festivals,

Taylor & Francis and Informa TechTarget, the results of which are reported within three reportable segments: B2B Live

Events, Taylor & Francis and Informa TechTarget. The results of the Group’s segments are presented in this note, and the

re-presentation of segments in relation to prior reporting periods is presented in Note 41.

153

Informa Annual Report and Accounts 2025

Financial StatementsGS A

5. Business segments continued

Segment results

The Group’s primary internal income statement performance measures are revenue and adjusted operating profit. A

reconciliation of adjusted operating profit to statutory operating profit and profit before tax is provided below:

Year ended 31 December 2025

Notes

		B2B Live	Taylor &	Informa
		Events	Francis	TechTarget	Total
		£m	£m	£m	£m
Adjusted operating profit before joint ventures and associates 1		853.0	245.7	36.6	1,135.3
Share of adjusted results of joint ventures and associates		4.5	–	–	4.5
Adjusted operating profit		857.5	245.7	36.6	1,139.8
Intangible asset amortisation 2	16	(264.0)	(20.5)	(58.0)	(342.5)
Impairment – goodwill	15	–	–	(484.2)	(484.2)
Impairment – acquisition-related and other intangible assets	16	(24.1)	(7.9)	–	(32.0)
Impairment – investment in joint ventures	19	(13.1)	–	–	(13.1)
Impairment – right-of-use assets	7	(1.4)	(0.1)	(3.8)	(5.3)
Acquisition costs	7	(7.1)	(0.2)	(2.8)	(10.1)
Integration costs	7	(30.1)	(0.9)	(53.4)	(84.4)
Restructuring and reorganisation (costs)/credits	7	(16.0)	(8.7)	3.5	(21.2)
Foreign exchange gain	7	2.3	0.5	0.3	3.1
Fair value gain on contingent consideration	7	1.4	–	–	1.4
Fair value loss on contingent consideration	7	(9.1)	–	(0.7)	(9.8)
Operating profit/(loss)		496.3	207.9	(562.5)	141.7
Fair value loss on investments	19				(57.6)
Loss on disposal of subsidiaries and operations					(2.1)
Finance income	10				15.1
Finance costs	11				(161.4)
Loss before tax					(64.3)

1 Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £71.2m for

B2B Live Events, £19.2m for Taylor & Francis and £11.6m for Informa TechTarget

2 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development

Adjusted operating profit includes the below significant costs:

Notes

		B2B Live	Taylor &	Informa
		Events	Francis	TechTarget	Total
		£m	£m	£m	£m
Cost of sales	6	1,158.3	199.6	67.6	1,425.5
Staff costs	6	710.3	172.9	202.1	1,085.3

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

154

Informa Annual Report and Accounts 2025

Year ended 31 December 2024 (re-presented)

The business segment results for the year ended 31 December 2024 have been re-presented. Refer to Note 41 for further details.

Notes

		B2B Live	Taylor &	Informa
		Events	Francis	TechTarget	Total
		£m	£m	£m	£m
Adjusted operating profit before joint ventures and associates 1		715.1	255.7	21.4	992.2
Share of adjusted results of joint ventures and associates		2.8	–	–	2.8
Adjusted operating profit		717.9	255.7	21.4	995.0
Intangible asset amortisation 2	16	(251.3)	(31.7)	(26.6)	(309.6)
Impairment – acquisition-related and other intangible assets	16	(11.6)	(16.2)	(0.7)	(28.5)
Impairment – right-of-use assets	7	(2.2)	(0.3)	(2.5)	(5.0)
Acquisition costs	7	(32.4)	(1.5)	(32.1)	(66.0)
Integration costs	7	(24.0)	(1.0)	(17.2)	(42.2)
Restructuring and reorganisation costs	7	(10.9)	(2.5)	(0.7)	(14.1)
Fair value gain on contingent consideration	7	10.8	–	18.7	29.5
Fair value loss on contingent consideration	7	(16.3)	–	–	(16.3)
Operating profit/(loss)		380.0	202.5	(39.7)	542.8
Fair value loss on investments	19				(9.2)
Loss on disposal of subsidiaries and operations					(24.1)
Finance income	10				12.9
Finance costs	11				(115.1)
Profit before tax					407.3

1 Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £61.9m for

B2B Live Events, £21.5m for Taylor & Francis and £7.3m for Informa TechTarget

2 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development

Adjusted operating profit includes the below significant costs:

Notes

		B2B Live	Taylor &	Informa
		Events	Francis	TechTarget	Total
		£m	£m	£m	£m
Cost of sales	6	970.2	210.2	40.5	1,220.9
Staff costs	6	671.4	173.1	139.5	984.0

The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note 2.

Adjusted operating results by operating segment is the measure reported to the Directors for the purpose of resource

allocation and assessment of segment performance. Finance costs and finance income are not allocated to segments, as this

type of activity is driven by the central Treasury function, which manages the cash positions of the Group.

Segment assets

The business segment assets for the year ended 31 December 2024 have been re-presented. Refer to Note 41 for further details.

		31 December
	31 December	2024
	2025	(re-presented)
	£m	£m
B2B Live Events	9,839.9	10,333.0
Taylor & Francis	959.9	1,022.2
Informa TechTarget	831.3	1,524.1
Total segment assets	11,631.1	12,879.3
Unallocated assets	693.7	811.4
Total assets	12,324.8	13,690.7

For the purpose of monitoring segment performance and allocating resources between segments, the Group monitors the

non-current tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable

segments except for certain centrally held balances, including cash, some intangible software assets relating to Group

infrastructure, balances receivable from businesses sold and taxation (current and deferred). Assets used jointly by

reportable segments are allocated on the basis of the revenues earned by individual reportable segments.

155

Informa Annual Report and Accounts 2025

Financial StatementsGS A

5. Business segments continued

Geographic information

The Group’s revenue by location of customer and information about its segment assets by geographic location are detailed

below:

	Revenue			Segment non-current assets 1
	2025	2024	2025	2024
	£m	£m	£m	£m
UK	191.4	195.6	2,824.5	2,875.2
Continental Europe	633.3	405.1	1,282.8	1,294.1
North America	1,784.9	1,752.2	4,900.2	5,927.1
China	479.9	466.3	1,581.8	1,717.9
Rest of World	951.9	733.9	274.9	220.7
	4,041.4	3,553.1	10,864.2	12,035.0

1 Non-current amounts exclude other investments, non-current tax assets, deferred tax assets, derivative financial asset and retirement benefit

surplus of £364.3m (2024: £320.7m)

No individual customer contributed more than 10% of the Group’s revenue in either 2025 or 2024.

6. Net operating expenses and other operating income

Operating profit has been arrived at after charging/(crediting):

Notes

		Adjusted	Adjusting	Statutory	Adjusted	Adjusting	Statutory
		results	items	results	results	items	results
		2025	2025	2025	2024	2024	2024
Cost of sales (excluding staff costs, depreciation and		£m	£m	£m	£m	£m	£m
adjusting items)		1,425.5	–	1,425.5	1,220.9	–	1,220.9
Staff costs	8	1,085.3	–	1,085.3	984.0	–	984.0
Auditor’s remuneration for audit services		9.2	–	9.2	10.1	–	10.1
Intangible asset amortisation	16	37.6	342.5	380.1	46.1	309.6	355.7
Depreciation – property and equipment	17	21.2	–	21.2	17.5	–	17.5
Depreciation – right-of-use assets	18	43.2	–	43.2	27.1	–	27.1
Impairment – goodwill	15	–	484.2	484.2	–	–	–
Impairment – acquisition-related and other intangible assets	16	–	32.0	32.0	–	28.5	28.5
Impairment – investment in joint ventures	19	–	13.1	13.1	–	–	–
Impairment – right-of-use assets	7	–	5.3	5.3	–	5.0	5.0
Acquisition costs	7	–	10.1	10.1	–	66.0	66.0
Integration costs	7	–	84.4	84.4	–	40.7	40.7
Restructuring and reorganisation costs	7	–	21.2	21.2	–	14.1	14.1
Net foreign exchange loss/(gain)	7	1.1	(3.1)	(2.0)	5.5	–	5.5
Fair value gain on contingent consideration	7	–	(1.4)	(1.4)	–	(29.5)	(29.5)
Fair value loss on contingent consideration	7	–	9.8	9.8	–	16.3	16.3
Other operating expenses		283.0	–	283.0	249.7	–	249.7
Total net operating expenses and other operating
income before share of joint ventures and associates		2,906.1	998.1	3,904.2	2,560.9	450.7	3,011.6

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

156

Informa Annual Report and Accounts 2025

Amounts payable to the auditors, PricewaterhouseCoopers LLP, and its associates by the company and its subsidiary

undertakings are provided below:

	2025	2024
	£m	£m
Fees payable to the company’s auditors for the audit of the company’s annual financial statements	4.1	4.2
Fees payable to the company’s auditors and its associates for other services to the Group:
Audit of the company’s subsidiaries	5.1	5.9
Total audit fees	9.2	10.1
Fees payable to the company’s auditors for non-audit services comprises:
TechTarget acquisition regulatory filings	–	14.0
Half-year review	0.4	0.3
Other services	0.1	0.2
Total non-audit fees	0.5	14.5

The Audit Committee approves all non-audit services within the company’s policy. The Committee considers that certain

non-audit services should be provided by the external auditors, because its existing knowledge of the business makes this the

most efficient and effective way for those non-audit services to be carried out, and does not consider the provision of such

services to impact the independence of the external auditors in accordance with the FRC’s ‘Revised Ethical Standard 2019’.

In 2025, the non-audit fees paid to PricewaterhouseCoopers LLP totalled £0.5m (2024: £14.5m), which represented 5% of the

2025 audit fee (2024: 144% of the 2024 audit fee). The 2025 non-audit fees include £nil (2024: £14.0m) relating to regulatory

filings associated with the acquisition of TechTarget and £0.4m (2024: £0.3m) relating to the half-year review.

A description of the work of the Audit Committee is set out in the Corporate Governance Statement on pages 99 to 108 and

includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided

by the auditor. No services were provided under contingent fee arrangements.

7. Adjusting items

The Board considers certain items should be recognised as adjusting items (see Glossary of terms: alternative performance

measures on page 220) since, due to their size, nature or infrequency, such presentation is relevant to an understanding of

the Group’s performance. These items do not relate to the Group’s underlying trading and are adjusted to facilitate a

comparative understanding of the Group’s adjusted operating profit measure.

The following charges/(credits) are presented as adjusting items:

Notes

		2025	2024
		£m	£m
Intangible asset amortisation 1	16	342.5	309.6
Impairment – goodwill	15	484.2	–
Impairment – acquisition-related and other intangible assets	16	32.0	28.5
Impairment – investment in joint ventures	19	13.1	–
Impairment – right-of-use assets	18	5.3	5.0
Acquisition costs		10.1	66.0
Integration costs		84.4	42.2
Restructuring and reorganisation costs		21.2	14.1
Foreign exchange gain		(3.1)	–
Fair value gain on contingent consideration		(1.4)	(29.5)
Fair value loss on contingent consideration	31	9.8	16.3
Adjusting items in operating profit or loss 2		998.1	452.2
Fair value loss on investments		57.6	9.2
Loss on disposal of subsidiaries and operations		2.1	24.1
Finance costs	11	2.6	22.6
Adjusting items in profit/(loss) before tax		1,060.4	508.1
Tax credit related to adjusting items	12	(123.1)	(137.3)
Adjusting items in profit/(loss) for the year		937.3	370.8

1 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development

of £37.6m (2024: £46.1m)

2 Includes £nil (2024: £1.5m) relating to joint ventures and associates

157

Informa Annual Report and Accounts 2025

Financial StatementsGS A

7. Adjusting items continued

Further descriptions of the above adjusting items:

• Intangible asset amortisation is the amortisation charged in respect of intangible assets, including product development,

acquired through business combinations or the acquisition of trade and assets. The charge is not considered to be related

to the underlying performance of the Group and can fluctuate materially period-on-period as and when new businesses

are acquired or disposed. Revenue and results from the related business combinations have been included within the

adjusted results.

• Impairment of goodwill is the impairment charge arising as a result of the Group’s review of the carrying value of goodwill

on the Group’s balance sheet. The impairment review is performed at least annually or more frequently where an

indicator exists. The impairment charge recognised in the twelve months to 31 December 2025 relates to the Informa

TechTarget group of CGUs. Refer to Note 15 for further details.

• Impairment of acquisition-related and other intangible assets is the impairment charged as a result of the impairment test

performed annually, or more frequently when an indicator of impairment exists.

• Impairment of investment in joint ventures is the impairment charge relating to the carrying value of a joint venture.

• Impairment of right-of-use assets is the impairment charged as a result of an impairment indicator.

• Acquisition and integration costs are costs incurred in acquiring and integrating share and asset acquisitions as part of

M&A activity.

• Restructuring and reorganisation costs are charges incurred by the Group in business restructuring, operating model

changes and non-recurring legal costs. These costs relate to specific initiatives following reviews of our organisational

operations.

• Foreign exchange gain relates to the recognition of derivative contracts entered into alongside the 2031 Euro Medium

Term Note (EMTN) issuance and the recycling of the accumulated balance in the cash flow hedge reserve relating to the

EMTN settled in October 2025. Refer to Note 27 for further details.

• Fair value (gains)/losses on contingent consideration arise as a result of acquisitions. The fair value remeasurement is

recognised in the period as charges or credits to the Consolidated Income Statement, unless these qualify as

measurement period adjustments arising within one year from the acquisition date.

• Fair value loss on investments is the loss as a result of a decrease in the fair value of investments held.

• Loss on disposal of subsidiaries and operations relates to disposals in the current period or subsequent costs relating to

prior period disposals.

• Finance costs relate to charges incurred specifically as part of M&A activity. In 2025, this relates to the remeasurement,

and subsequent settlement, of convertible notes which were acquired through a share acquisition. For 2024, this related

to the financing arrangement of a share acquisition.

• The tax items relate to the tax effect on the items above and adjusting tax items, which are analysed in Note 12.

8. Staff numbers and costs

The monthly average number of persons employed by the Group (including Directors) during the year, analysed by segment,

was as follows:

	Average number
	of employees
		2024
	2025	(re-presented) 1
B2B Live Events	9,104	8,663
Taylor & Francis	2,763	2,860
Informa TechTarget	2,285	1,569
Total	14,152	13,092

1 The business segment results for the year ended 31 December 2024 have been re-presented in accordance with Note 41

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

158

Informa Annual Report and Accounts 2025

Their aggregate remuneration comprised:

	2025	2024
	£m	£m
Wages and salaries	928.6	853.5
Social security costs	86.2	78.6
Pension costs associated with staff charged to operating profit (Note 34a)	31.5	29.7
Share-based payments (Note 9)	39.0	22.2
Staff costs (excluding adjusting items)	1,085.3	984.0
Redundancy costs 1	19.1	8.3
Total	1,104.4	992.3

1 Included within restructuring and reorganisation, and integration costs (see Notes 7 and 9)

The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for

each of the categories specified in IAS 24 Related Party Disclosures (Note 38). Further information about the remuneration

of individual Directors is provided in the audited part of the Remuneration Report on pages 115 to 119.

	2025	2024
	£m	£m
Short-term benefits 1	7.5	6.5
Post-employment benefits	0.2	0.2
Share-based payments	4.4	3.2
Total	12.1	9.9

1 The 2024 balance has been re-presented to include compensation paid to Non-Executive Directors

9. Share-based payments

The Group recognised total expenses of £42.5m (2024: £22.2m) relating to share-based payment costs in the year ended

31 December 2025, including £3.5m (2024: £nil) which has been recognised within adjusting items in relation to the Informa

TechTarget redundancy programme. Total expenses comprise £17.9m (2024: £14.3m) relating to equity-settled long-term incentive

plan awards, £5.5m (2024: £4.4m) relating to equity-settled ShareMatch awards, £18.2m (2024: £1.6m) relating to equity-settled

Informa TechTarget share awards, £0.4m (2024: £0.7m) relating to cash-settled Tahaluf long-term incentive plan share awards, £0.5m

(2024: £0.6m) relating to Employee Share Purchase Plan (ESPP) awards and £nil (2024: £0.6m) relating to equity-settled Curinos

Management Incentive Plan share awards, which were disposed of as part of the sale of the Curinos business on 24 December 2024.

Long-Term Incentive Plan (LTIP)

During the year, the Group awarded options at nominal cost to the Executive Directors and the Executive Management Team

as part of the LTIP. The grant price used in the valuation of the awards is the closing share price on the date of grant less

nominal cost.

The LTIP awards are conditional share awards with four performance conditions. The performance period is three years,

starting with the year in which the grant is made. To the extent that the performance conditions are met or satisfied, awards

will be exercisable following the vesting date. LTIP allocations are equity-settled and will lapse if the colleague leaves the

Group before an LTIP grant is exercisable, unless the employee meets certain eligibility criteria. For Executive Directors, any

LTIP awards that vest will be subject to an additional two-year holding period.

The performance conditions with regards to the LTIP awards are as follows: cumulative adjusted operating profit, cumulative

operating cash flow, relative Total Shareholder Returns (TSR) against FTSE 100, and an ESG-related measure relating to the

number of events in which the Group’s Sustainable Event Fundamentals programme has been implemented. For each

performance measure, if the threshold is achieved then 25% of the award will vest, which increases on a straight-line basis to

full vesting if the maximum is achieved. The period to which these measures relate spans from 2025 through to 2028.

159

Informa Annual Report and Accounts 2025

Financial StatementsGS A

9. Share-based payments continued

The TSR component of the LTIP awards are valued using the Stochastic and Black-Scholes models. Additionally, the Chaffe

model has been used to value the discount applied to those awards which are subject to an additional holding period. The

inputs into the valuation models for the LTIP performance conditions are as follows:

		Share price at		Expected	Expected life
Grant date	Vesting date	grant date	Exercise price	volatility	(years)	Risk free rate
14 April 2025 1	14 April 2028	£6.97	0.1p	20.81%	3.0	4.02%
1 August 2025 2	14 April 2028	£8.63	0.1p	20.74%	2.7	3.79%

1 The expected volatility and risk-free rate for share awards that are subject to a two-year holding period is 20.20% and 4.07% respectively

2 These awards are not subject to a holding period

In addition to this LTIP award, the Group also awarded options at nominal cost during the year as part of the Management

Equity Plan (MEP). These are restricted share awards which have a three-year vesting period, after which the shares vest and

become available to colleagues, provided they are in continuous employment throughout the vesting period. MEP awards

have no specific performance conditions. The grant price used in the valuation of these awards is the closing share price as

at the day of grant less nominal cost. Allocations are equity-settled and will lapse if the colleague leaves the Group before a

grant is exercisable, unless the employee meets certain eligibility criteria.

The Group also awarded long-term incentive plan awards in January 2022 and January 2023 as part of the Equity

Revitalisation Plan (ERP). These are restricted share awards which have a three-year vesting period. These awards are

subject to a shareholder value underpin: if, at the point when an award is due to vest, Informa’s share price does not exceed

£5.454 for the ERP award, the award will not vest until the share price exceeds that price for a period of at least three

months. If this has not been achieved within two years from the original vesting date, no shares will vest and the award will

lapse. The grant price used in the valuation of these awards is the closing share price as at the day of grant less nominal cost.

Allocations are equity-settled and will lapse if the colleague leaves the Group before a grant is exercisable, unless the

employee meets certain eligibility criteria.

The movement in the number of awards across all of the Group’s equity-settled LTIP, MEP and ERP schemes during the year

is as follows:

	2025	2024
	Number of	Number of
	options	options
Outstanding as at 1 January	9,160,251	8,878,745
Granted in the year	4,032,490	2,664,756
Exercised in the year	(2,479,153)	(2,066,899)
Lapsed in the year	(180,169)	(316,351)
Outstanding as at 31 December	10,533,419	9,160,251
Exercisable awards included in outstanding number of options as at 31 December	1,586,699	1,822,072

In order to satisfy outstanding share awards granted under the Group’s equity-settled LTIP, MEP and ERP schemes, the share

capital would need to be increased at 31 December 2025 by 5,602,605 shares (2024: 1,641,407 shares) taking account of the

4,930,814 (2024: 7,518,844) shares held in the Employee Share Trust (Note 36). The company will satisfy the awards either

through the issue of additional share capital or the purchase of shares as needed on the open market. The weighted average

share price for LTIPs exercised during the year was £8.28 (2024: £7.98). The exercise price for the majority of LTIP, MEP and

ERP awards is 0.1p per share award. The average contractual remaining period was 5.0 years (2024: 5.3 years) for awards

exercisable at 31 December 2025, and 7.9 years (2024: 7.6 years) for total awards outstanding at 31 December 2025.

The expected life used in the model has been adjusted, based on the Group’s best estimate, for the effects of non-

transferability, exercise restrictions and behavioural considerations.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

160

Informa Annual Report and Accounts 2025

ShareMatch (Share Incentive Plan)

In June 2014, the company launched ShareMatch, a global Share Incentive Plan, under which eligible colleagues can invest up

to the limit of £1,800 per annum in the company’s shares. For every one share purchased by the colleague, the company

awards the participant two matching shares after a three-year period.

Matching shares are subject to forfeiture if the purchased shares are withdrawn from the scheme within three years of

purchase or if the colleague leaves the Group, unless the reason for leaving is due to restructuring or retirement. In addition,

both the purchased and matching shares are eligible to receive any dividends payable by the company, which are reinvested

in more shares. Employee subscriptions can be made on a monthly or one-off lump sum basis and matching shares are

purchased on a monthly basis, through a UK Trust. Further details are set out in the remuneration section of the financial

statements.

	2025	2024
	ShareMatch	ShareMatch
	Number of	Number of
	share awards	share awards
Outstanding as at 1 January	2,316,743	1,889,766
Granted in the year	885,372	756,491
Exercised in the year	(352,671)	(256,548)
Lapsed in the year	(70,914)	(72,966)
Outstanding as at 31 December	2,778,530	2,316,743

Informa TechTarget share plan

Informa TechTarget operates as a separate publicly traded company and has issued equity-settled restricted stock units.

Grants have a three-year vesting period and will lapse if the colleague leaves the Group before a grant is exercisable, unless

the employee meets certain eligibility criteria. The awards have no specific performance conditions.

The Group recognised total expenses of £18.2m (2024: £1.6m) in relation to the Informa TechTarget share awards. Within

this, £3.5m (2024: £nil) related to accelerated charges incurred due to the redundancy of employees, which has been

reflected within adjusting items (see Note 7) to reflect the non-recurring nature of the Informa TechTarget redundancy

programme.

The movement in the number of awards during the year is as follows:

	2025	2024
	Informa	Informa
	TechTarget	TechTarget
	Number of	Number of
	share awards	share awards
Outstanding as at 1 January (2024: 2 December)	1,500,427	1,492,858
Granted in the year/period	676,792	13,626
Exercised in the year/period	(929,808)	(6,057)
Lapsed in the year/period	(54,518)	–
Outstanding as at 31 December	1,192,893	1,500,427
Exercisable awards included in outstanding number of options as at 31 December	8,240	36,826

The weighted average share price for awards exercised during the year/period was $6.24 (2024: $19.82). There is no exercise

price for the awards and the average remaining contractual life for awards outstanding at 31 December 2025 was 1.4 years

(2024: 1.4 years).

10. Finance income

	2025	2024
	£m	£m
Interest income on bank deposits	14.3	12.1
Interest income from finance lessor leases	0.3	0.4
Fair value gain on financial instruments	0.5	0.4
Total finance income	15.1	12.9

161

Informa Annual Report and Accounts 2025

Financial StatementsGS A

11. Finance costs

Notes

		2025	2024
		£m	£m
Interest expense on borrowings and loans 1		142.8	79.4
Interest on lease liabilities	18	16.1	13.3
Interest income on pension scheme net surplus	34	(2.3)	(1.9)
Total interest expense		156.6	90.8
Other		2.2	1.7
Financing costs before adjusting items		158.8	92.5
Adjusting items 2	7	2.6	22.6
Total finance costs		161.4	115.1

1 Included in interest expense above is the amortisation of debt issue costs of £4.2m (2024: £2.8m)

2 The adjusting items for finance costs in 2025 relate to a fair value adjustment arising on convertible loan notes acquired as part of the TechTarget

acquisition. The adjusting items for finance costs in 2024 relates to fair value losses on derivative contracts executed in expectation of the October

2024 EMTN issuance and fees on the Ascential acquisition bridge facility

12. Taxation

The tax charge comprises:

	2025	2024
	£m	£m
Current tax:
Current year
UK	29.1	24.0
Continental Europe	42.1	28.7
US	8.8	71.6
China	36.9	35.4
Rest of world	52.2	32.5
Prior years	(45.1)	30.5
Total current tax	124.0	222.7
Deferred tax:
Current year	(62.5)	(105.6)
Prior years	14.1	(79.0)
Charge arising from tax rate changes	5.5	2.8
Total deferred tax	(42.9)	(181.8)
Total tax charge	81.1	40.9

The tax on adjusting items within the Consolidated Income Statement relates to the following:

Notes

		Gross	Tax	Gross	Tax
		2025	2025	2024	2024
		£m	£m	£m	£m
Intangible asset amortisation	7	(342.5)	77.9	(309.6)	72.6
Benefit of goodwill amortisation for tax purposes only		–	(17.1)	–	(16.0)
Impairment – goodwill	7	(484.2)	12.2	–	–
Impairment – acquisition-related and other intangible assets	7	(32.0)	7.7	(28.5)	7.1
Impairment – investment in joint ventures	7	(13.1)	–	–	–
Impairment – right-of-use assets	7	(5.3)	1.3	(5.0)	1.3
Acquisition and integration-related costs	7	(94.5)	42.9	(108.2)	9.9
Restructuring and reorganisation costs	7	(21.2)	5.0	(14.1)	3.3
Foreign exchange gain	7	3.1	(1.3)	–	–
Fair value gain on contingent consideration	7	1.4	–	29.5	–
Fair value loss on contingent consideration	7	(9.8)	–	(16.3)	–
Fair value loss on investments	7	(57.6)	5.1	(9.2)	(0.1)
Loss on disposal of subsidiaries and operations	7	(2.1)	–	(24.1)	(28.1)
Finance costs	7	(2.6)	0.7	(22.6)	1.7
Movement in deferred tax asset on Luxembourg losses		–	(8.9)	–	66.9
Adjustments for prior years		–	(2.4)	–	18.7
Total tax on adjusting items		(1,060.4)	123.1	(508.1)	137.3

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

162

Informa Annual Report and Accounts 2025

T he current and deferred tax charges are calculated on the estimated assessable profit for the year. Taxation is calculated in

each jurisdiction based on the prevailing rates of that jurisdiction. A reconciliation of the actual tax expense to the expected

tax expense at the applicable statutory rate is shown below:

	2025		2024
	£m	%	£m	%
(Loss)/profit before tax	(64.3)		407.3
Tax charge at effective UK statutory rate of 25% (2024: 25%)	(16.1)	25.0	101.8	25.0
Different tax rates on overseas profits	4.4	(6.8)	0.1	–
Disposal-related items 1	0.5	(0.8)	34.3	8.4
Acquisition-related items	(23.7)	36.9	16.9	4.1
Non-deductible expenditure 2	145.0	(225.5)	22.9	5.6
Non-taxable income 3	(4.6)	7.2	(9.9)	(2.4)
Tax incentives	(3.8)	5.9	(3.5)	(0.9)
Adjustments for prior years 4	(31.0)	48.2	(48.5)	(11.9)
Net movement in provisions for uncertain tax positions 5	7.7	(12.0)	(2.6)	(0.6)
Impact of changes in tax rates	5.5	(8.6)	2.8	0.7
Change in recoverability of deferred tax assets 6	(13.5)	21.0	(66.9)	(16.4)
Movements in other deferred tax not recognised	10.7	(16.6)	(6.5)	(1.6)
Tax charge and effective rate for the year	81.1	(126.1)	40.9	10.0

1 Disposal-related items relate to the difference between a loss for accounting and a gain for tax purposes on the disposal of subsidiaries

and operations

2 Non-deductible expenditure in 2025 predominantly relates to the impairment charge in relation to the Informa TechTarget group of CGUs as set

out in Note 15

3 Non-taxable income includes income in relation to the remeasurement of contingent consideration as set out in Note 31

4 Adjustments for prior years incorporate refinements to tax computations made on submission or resubmission and agreement with tax

authorities

5 The net movement in provisions for uncertain tax positions reflects management’s reassessment of the provisions required in relation to historical

tax exposures

6 In 2024, additional deferred tax was recognised in relation to Luxembourg losses as, based on the Group’s forecasts, it was expected that there

would be taxable profits against which they could be utilised

In addition to the income tax charge in the Consolidated Income Statement, a tax charge of £1.2m (2024: £4.4m) has been

recognised directly in the Consolidated Statement of Comprehensive Income during the year.

Current tax liabilities include £48.7m (2024: £45.0m) in respect of provisions for uncertain tax positions.

On 11 July 2023, the UK Government enacted the Pillar Two income taxes legislation, effective for the financial year

beginning 1 January 2024. Under the legislation, Informa PLC is required to pay, in the UK, top-up tax on profits of its

subsidiaries and permanent establishments that are taxed at a Pillar Two effective tax rate of less than 15%.

The Group has performed an assessment of the exposure to Pillar Two income taxes in 2025. Based on this assessment, the

majority of entities fall within the transitional safe harbours or have an effective tax rate of more than 15%. However, there

are a limited number of jurisdictions where the transitional safe harbour relief may not apply and the Pillar Two effective tax

rate is below 15%. The Group has recognised a £7.9m tax charge for the year in relation to this (2024: £6.6m) of which £3.7m

is payable in the UK by Informa PLC (2024: £6.6m) .

13. Earnings per share

Basic EPS

The basic earnings per share (EPS) calculation is based on the profit/(loss) attributable to the equity holders of the Parent

Company divided by the weighted average number of shares in issue less those shares held by the Employee Share Trust

and ShareMatch.

Diluted EPS

The diluted EPS calculation is based on the basic EPS calculation above, except that the weighted average number of shares

includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day

of the accounting period or the date of the grant, if later.

163

Informa Annual Report and Accounts 2025

Financial StatementsGS A

13. Earnings per share continued

Weighted average number of shares

The table below sets out the weighted average number of shares used in the calculation of basic and diluted EPS.

	2025	2024
Weighted average number of shares used in basic and adjusted basic EPS	1,300,708,559	1,335,773,495
Effect of dilutive potential ordinary shares	9,332,861	8,218,817
Weighted average number of shares used in diluted and adjusted diluted EPS	1,310,041,420	1,343,992,312

Statutory EPS

		Per share		Per share
	Earnings	amount	Earnings	amount
	2025	2025	2024	2024
	£m	Pence	£m	Pence
(Loss)/profit for the year	(145.4)		366.4
Non-controlling interests	156.4		(68.7)
Earnings and EPS for the purpose of statutory basic EPS	11.0	0.8	297.7	22.3
Effect of dilutive potential ordinary shares	–	–	–	(0.1)
Earnings and EPS for the purpose of statutory diluted EPS	11.0	0.8	297.7	22.2

Adjusted EPS

In addition to basic EPS, adjusted diluted EPS has been calculated to provide useful additional information on underlying

earnings performance. Adjusted diluted EPS is based on profit attributable to equity holders which has been adjusted to

exclude items that, in the opinion of the Directors, would distort underlying results (see Note 7).

		Per share		Per share
	Earnings	amount	Earnings	amount
	2025	2025	2024	2024
	£m	Pence	£m	Pence
Earnings and EPS for the purpose of statutory basic EPS	11.0	0.8	297.7	22.3
Intangible asset amortisation	342.5	26.3	309.6	23.2
Impairment – goodwill	484.2	37.2	–	–
Impairment – acquisition-related and other intangible assets	32.0	2.5	28.5	2.1
Impairment – investment in joint ventures	13.1	1.0	–	–
Impairment – right-of-use assets	5.3	0.4	5.0	0.3
Acquisition costs	10.1	0.8	66.0	4.9
Integration costs	84.4	6.5	42.2	3.2
Restructuring and reorganisation costs	21.2	1.6	14.1	1.1
Foreign exchange gain	(3.1)	(0.2)	–	–
Fair value gain on contingent consideration	(1.4)	(0.1)	(29.5)	(2.2)
Fair value loss on contingent consideration	9.8	0.8	16.3	1.2
Fair value loss on investments	57.6	4.4	9.2	0.7
Loss on disposal of subsidiaries and operations	2.1	0.2	24.1	1.8
Finance costs	2.6	0.2	22.6	1.7
Tax related to adjusting items	(123.1)	(9.5)	(137.3)	(10.3)
Non-controlling interest adjusting items	(219.7)	(16.9)	4.8	0.4
Earnings and EPS for the purpose of adjusted basic EPS	728.6	56.0	673.3	50.4
Effect of dilutive potential ordinary shares	–	(0.4)	–	(0.3)
Earnings and EPS for the purpose of adjusted diluted EPS	728.6	55.6	673.3	50.1

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

164

Informa Annual Report and Accounts 2025

14. Dividends

	2025		2024
	Pence per	2025	Pence per	2024
Amounts recognised as distributions to equity holders in the year:	share	£m	share	£m
Interim dividend for the year ended 31 December 2024	–	–	6.4	84.6
Final dividend for the year ended 31 December 2024	–	–	13.6	177.4
Interim dividend for the year ended 31 December 2025	7.0	90.7	–	–
Proposed final dividend for the year ended 31 December 2025	15.0	193.1	–	–
Total dividend for the year	22.0	283.8	20.0	262.0

At 31 December 2025, unpaid dividends from prior periods amounted to £0.4m (2024: £0.3m). Total dividend payments

during the year were £268.1m (2024: £248.2m). The proposed final dividend for the year ended 31 December 2025 of 15.0p

(2024: 13.6p) per share is subject to approval of shareholders at the Annual General Meeting and has not been included as a

liability in these Consolidated Financial Statements. The payment of this dividend will not have any tax consequences for

the Group.

In the year ended 31 December 2025, there were dividend payments of £29.9m (2024: £31.0m) to non-controlling interests.

15. Goodwill

Cost	£m
At 1 January 2024	7,281.6
Additions in the year	1,381.3
Disposals	(228.8)
Deconsolidation of former subsidiaries	(37.6)
Exchange differences	32.6
At 31 December 2024	8,429.1
Additions in the year	32.5
Exchange differences	(296.9)
At 31 December 2025	8,164.7
Accumulated impairment losses
At 1 January 2024	(651.8)
Exchange differences	9.7
At 31 December 2024	(642.1)
Charge in the period	(484.2)
Exchange differences	15.0
At 31 December 2025	(1,111.3)
Carrying amount
At 31 December 2025	7,053.4
At 31 December 2024	7,787.0

The Group has historically tested goodwill for impairment at the operating segment level (see Note 5) representing an

aggregation of CGUs, reflecting the level at which goodwill is monitored. There were five groups of CGUs for goodwill

impairment testing in 2025 (2024: six groups of CGUs) which represent the operating segments of the Group following its

reorganisation in 2025. Impairment testing involved comparing the aggregated carrying value of assets with income-based

fair value less costs of disposal (FVLCD) calculations derived from the latest Group cash flow projections, which are Level 3

inputs per IFRS 13, and which reflect past experience of the Group. This is consistent with the approach in 2024. Where the

FVLCD shows an impairment charge in the year for a group of CGUs, a value in use is also calculated for this Group.

165

Informa Annual Report and Accounts 2025

Financial StatementsGS A

15. Goodwill continued

		Goodwill
	Goodwill	carrying amount
	carrying amount	31 December		Number
	31 December	(re-presented) 1	Number	of CGUs
	2025	2024	of CGUs	(re-presented) 1
CGU groups	£m	£m	2025	2024
Informa Markets	4,213.8	4,320.4	6	6
Informa Connect	944.1	991.1	6	5
Informa Festivals	1,163.2	1,189.3	4	1
B2B Live Events	6,321.1	6,500.8
Taylor & Francis	571.2	588.2	1	1
Informa TechTarget	161.1	698.0	1	1
	7,053.4	7,787.0	18	14

1 The business segment results for the year ended 31 December 2024 have been re-presented. Refer to Note 41

Impairment review

As goodwill is not amortised, it is tested for impairment at least annually, or more frequently if there are indicators of

impairment. At half-year 2025, indicators of impairment were identified for the Informa TechTarget group of CGUs. The

indicators consisted of a decline in underlying revenues in the first half of the year and, as Informa TechTarget is listed on the

Nasdaq, the market capitalisation was compared to the net assets of the Informa TechTarget group of CGUs and it was found

to be below the net assets. As a result, an impairment test was carried out at 30 June 2025 and an impairment of £484.2m

was recognised in the Informa TechTarget group of CGUs. Impairment testing involved comparing the aggregated carrying

value of assets with the recoverable value. FVLCD was higher than value in use and was therefore used to calculate the

recoverable amount of £695.8m. The FVLCD calculation as at 30 June 2025 was derived using the latest Group cash flow

projections, a long-term growth rate of 3% and post-tax discount rate of 11%. No other groups of CGUs had indicators of

impairment during the year so no further review was carried out.

In line with our accounting policy, an annual impairment review was performed for all groups of CGUs as at 31 December

2025, where FVLCD calculations were used to calculate the recoverable amount of all CGU groups.

Management has used the following key assumptions in its impairment analysis:

Key assumption	How we have defined this
Projected cash flows	For 2	026, management has used the annual budget. For 2027 and 2028, management has used the three-year plan
	forecast. For 2029 to 2031, forecasts have been extrapolated using linearly declining growth rates to arrive at the
	long-term growth rate. A review of all forecast revenue streams has been undertaken. These forecasts include	management expectations of the business’s future performance and represent the Directors’ best estimate of the
	future performance of these businesses. All cashflows are post-tax, in line with the selection of a FVLCD approach.
	Management has considered the quantitative impact of unmitigated climate-related risks on asset recoverable
	amounts and concluded that this would not cause a material impact to annual cash flows. In its forecasts,
	management has considered recent trading performance, current market conditions and relevant uncertainties
	when determining these estimates.
Long-term growth rate	Long-term growth rates are based on external reports of long-term CPI rates for the main geographic markets in	which each CGU operates and therefore are not considered to exceed the long-term average growth prospects for
	the individual markets. Long-term growth rates have not been risk adjusted to reflect any of the uncertainties
	noted above, as these uncertainties are already reflected in the forecasts.
Discount rate applied	To arrive at the recoverable amount for each group of CGUs, the cash flows are discounted at a rate specific to
	each CGU. To calculate discount rates, we have considered market rates for comparable entities for the cost of
	debt and the cost of equity is calculated using the Capital Asset Pricing Model (CAPM). Discount rates have not
	been risk adjusted to reflect any of the uncertainties noted above, as these uncertainties are already reflected in
	the forecasts.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

166

Informa Annual Report and Accounts 2025

Management has concluded that there was no impairment indicated in the impairment tests conducted as at 31 December

2025, with headroom above the carrying value of assets in all groups of CGUs. The key assumptions used in the tests are

stated below:

	Long-term growth rates		Post-tax discount rates
Key assumptions	2025	2024	2025	2024
Informa Markets	2.0%–3.3%	2.0%–3.3%	7.6%–15.3%	6.6%–18.3%
Informa Connect	2.1%–2.3%	2.1%–2.2%	9.0%–9.7%	9.5%–10.2%
Informa Festivals	1.9%–2.2%	n/a	8.2%–8.9%	n/a
Taylor & Francis	2.1%	2.1%	8.8%	8.5%
Informa TechTarget	3.0%	n/a	11.0%	n/a

The ranges presented for long-term growth rates and discount rates are due to different rates being used across the CGUs

that make up Informa Markets, Informa Connect and Informa Festivals, reflecting the different geographies they operate in

and the risk characteristics relevant to them.

Sensitivity analysis

Key uncertainties relate to the continued growth of the events, technology and publishing businesses, and the variability in

the impact of higher interest rates across the geographies in which the Group operates. In addition, for the Informa

TechTarget group of CGUs, a key uncertainty relates to the length of subdued market activity, the speed of recovery and

uncertainty in the macro-economic environment it operates in. These uncertainties may impact the future cash flows,

discount rates and long-term growth rates. Management has applied sensitivities to each of those three areas.

The cash flow scenario considered a 10.0% reduction in cash flows in all forecast periods, 2026 to 2028, including the

perpetuity year, reflecting an estimation of the impact on both revenue and profitability across all revenue streams for a

reduction in the number or profitability of physical events and in digital revenue. To reflect disadvantageous changes in the

economies in which the Group operates, we applied 1.0% increases in discount rates and 0.5% decreases in long-term

growth rates.

The above sensitivities indicate management’s assessment of reasonably plausible material changes to assumptions. The

results of the sensitivity analysis showed there remained headroom in each group of CGUs under all three scenarios tested

with the exception of reduction in cash flows and increase in discount rate for the Informa TechTarget group of CGUs. Whilst

the 0.5% decrease in long-term growth rate does not result in an impairment charge, it reduces the recoverable amount and

therefore headroom. The results, as presented below, indicate the impairment charge which would have been recorded as a

result of the 31 December 2025 Informa TechTarget group of CGUs impairment test for each of these sensitivities. These

sensitivities have been applied in isolation, and a combination of the sensitivities would result in a larger impairment.

		After 1.0%
	After 10.0%	increase in
	reduction in	discount
	cash flows	rates
	£m	£m
Informa TechTarget impairment charge	16.7	27.7

167

Informa Annual Report and Accounts 2025

Financial StatementsGS A

16. Other intangible assets

		Database and	Exhibitions
		intellectual	and
	Publishing	property,	conferences,
	book lists	brand and	brand and		Intangible
	and journal	customer	customer		software	Product
	titles	relationships	relationships	Sub-total	assets	development	Total
Cost	£m	£m	£m	£m	£m	£m	£m
At 1 January 2024	925.2	677.9	4,025.2	5,628.3	316.9	50.0	5,995.2
Arising on acquisition of subsidiaries and operations	9.6	390.1	614.3	1,014.0	11.7	90.6	1,116.3
Additions 1	3.7	–	2.7	6.4	51.9	20.5	78.8
Disposals	(0.6)	(154.2)	(53.3)	(208.1)	(50.2)	(3.2)	(261.5)
Deconsolidation of former subsidiaries	–	–	(51.4)	(51.4)	–	–	(51.4)
Exchange differences	6.2	11.8	11.2	29.2	0.9	1.7	31.8
At 31 December 2024	944.1	925.6	4,548.7	6,418.4	331.2	159.6	6,909.2
Arising on acquisition of subsidiaries and operations	–	0.7	9.3	10.0	–	–	10.0
Additions 1	3.0	–	11.6	14.6	50.2	27.5	92.3
Disposals	–	(0.1)	(27.5)	(27.6)	(106.9)	(0.5)	(135.0)
Exchange differences	(33.5)	(55.5)	(155.4)	(244.4)	(4.2)	(5.2)	(253.8)
At 31 December 2025	913.6	870.7	4,386.7	6,171.0	270.3	181.4	6,622.7
Accumulated amortisation 2
At 1 January 2024	(754.2)	(325.4)	(1,564.8)	(2,644.4)	(196.3)	(13.6)	(2,854.3)
Charge for the year	(31.9)	(42.6)	(233.2)	(307.7)	(35.4)	(12.6)	(355.7)
Impairment losses	–	–	(11.2)	(11.2)	(16.4)	(0.9)	(28.5)
Disposals	0.6	63.3	51.0	114.9	27.8	2.2	144.9
Deconsolidation of former subsidiaries	–	–	3.2	3.2	–	–	3.2
Exchange differences	(5.6)	(3.9)	1.9	(7.6)	(0.3)	–	(7.9)
At 31 December 2024	(791.1)	(308.6)	(1,753.1)	(2,852.8)	(220.6)	(24.9)	(3,098.3)
Charge for the year	(20.8)	(53.5)	(252.0)	(326.3)	(29.1)	(24.7)	(380.1)
Impairment losses	–	(0.2)	(17.6)	(17.8)	(14.2)	–	(32.0)
Disposals	–	0.1	27.5	27.6	106.3	0.3	134.2
Exchange differences	28.5	19.1	69.1	116.7	4.0	(1.2)	119.5
At 31 December 2025	(783.4)	(343.1)	(1,926.1)	(3,052.6)	(153.6)	(50.5)	(3,256.7)
Carrying amount
At 31 December 2025	130.2	527.6	2,460.6	3,118.4	116.7	130.9	3,366.0
At 31 December 2024	153.0	617.0	2,795.6	3,565.6	110.6	134.7	3,810.9

1 Additions include business asset acquisitions and product development. The Consolidated Cash Flow Statement shows £80.9m (2024: £77.6m) for

these items, with £4.3m (2024: £8.2m) for titles, brands and customer relationships, £61.5m (2024: £51.2m) for intangible software assets and

£15.1m (2024: £18.2m) of product development

2 Amortisation is included within the Net operating expenses line within the Consolidated Income Statement

Intangible software assets include a gross carrying amount of £232.0m (2024: £295.1m) and accumulated amortisation of

£127.5m (2024: £190.2m) which relates to software that has been internally generated. There were additions of £44.4m

(2024: £47.8m) related to internally generated intangible assets. The Group does not have any of its intangible assets

pledged as security over bank loans. In 2025, £nil (2024: £nil) was recognised as research and development expenditure in

the period.

In addition to the impairment review of goodwill, a review of intangible assets identified an impairment of £17.8m

(2024: £11.2m) relating to brands and customer relationships where the recoverable amount did not support the carrying

amount, and this included selected individual events which have been discontinued.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

168

Informa Annual Report and Accounts 2025

17. Property and equipment

		Leasehold	Equipment,	Total
	Freehold land	land and	fixtures and	property and
	and buildings	buildings	fittings	equipment
Cost	£m	£m	£m	£m
At 1 January 2024	3.4	70.3	84.6	158.3
Additions 1	–	6.8	34.1	40.9
Acquisitions	–	1.1	2.7	3.8
Disposals	–	(3.6)	(10.0)	(13.6)
Exchange differences	(0.1)	0.1	(0.2)	(0.2)
At 31 December 2024	3.3	74.7	111.2	189.2
Additions 1	0.4	15.3	15.7	31.4
Disposals	(2.4)	(4.7)	(33.5)	(40.6)
Exchange differences	–	(2.4)	(4.5)	(6.9)
At 31 December 2025	1.3	82.9	88.9	173.1
Accumulated depreciation
At 1 January 2024	(0.8)	(35.6)	(61.1)	(97.5)
Charge for the year	–	(5.4)	(12.1)	(17.5)
Disposals	–	1.1	3.0	4.1
Exchange differences	–	(2.2)	(1.1)	(3.3)
At 31 December 2024	(0.8)	(42.1)	(71.3)	(114.2)
Charge for the year	–	(7.0)	(14.2)	(21.2)
Disposals	0.6	4.3	32.4	37.3
Exchange differences	–	0.7	2.7	3.4
At 31 December 2025	(0.2)	(44.1)	(50.4)	(94.7)
Carrying amount
At 31 December 2025	1.1	38.8	38.5	78.4
At 31 December 2024	2.5	32.6	39.9	75.0

1 Cash paid in relation to additions was £27.4m (2024: £30.6m)

The Group does not have any of its property and equipment pledged as security over bank loans.

18. Leases

(a) Leases where the Group is a lessee

The Group’s right-of-use assets and lease liabilities at 31 December are as follows:

Right-of-use assets

		Event
		venue-
	Property	related
	leases	leases	Total
	£m	£m	£m
At 1 January 2024	96.6	114.5	211.1
Depreciation	(22.6)	(4.5)	(27.1)
Additions	53.2	–	53.2
Additions from business combinations 1	11.3	–	11.3
Impairment (Note 7)	(5.0)	–	(5.0)
Disposals	(12.6)	(23.0)	(35.6)
Foreign exchange movement	0.3	1.2	1.5
At 31 December 2024	121.2	88.2	209.4
Depreciation	(24.8)	(18.4)	(43.2)
Additions	47.1	46.3	93.4
Impairment (Note 7)	(5.3)	–	(5.3)
Disposals	(2.3)	–	(2.3)
Foreign exchange movement	(6.9)	(8.1)	(15.0)
At 31 December 2025	129.0	108.0	237.0

1 Some leases acquired through business combinations were impaired or sublet at acquisition

169

Informa Annual Report and Accounts 2025

Financial StatementsGS A

18. Leases continued

Lease liabilities

		Event
		venue-
	Property	related
	leases	leases	Total
	£m	£m	£m
At 1 January 2024	(135.3)	(128.5)	(263.8)
Repayment of lease liabilities	35.3	4.7	40.0
Interest on lease liabilities	(8.7)	(4.6)	(13.3)
Additions	(53.2)	–	(53.2)
Additions from business combinations	(22.7)	–	(22.7)
Disposals	15.1	23.0	38.1
Foreign exchange movement	(1.2)	(2.0)	(3.2)
At 31 December 2024	(170.7)	(107.4)	(278.1)
Repayment of lease liabilities	42.2	20.0	62.2
Interest on lease liabilities	(9.4)	(6.7)	(16.1)
Additions	(47.1)	(46.3)	(93.4)
Disposals	5.5	–	5.5
Foreign exchange movement	8.4	9.8	18.2
At 31 December 2025	(171.1)	(130.6)	(301.7)
2025
Current lease liabilities	(34.1)	(15.4)	(49.5)
Non-current lease liabilities	(137.0)	(115.2)	(252.2)
At 31 December 2025	(171.1)	(130.6)	(301.7)
2024
Current lease liabilities	(33.4)	(1.0)	(34.4)
Non-current lease liabilities	(137.3)	(106.4)	(243.7)
At 31 December 2024	(170.7)	(107.4)	(278.1)

(b) Leases where the Group is a lessor

The Group is a lessor in relation to property leases which are sublet. These sub-lease arrangements are classified as either

finance or operating leases. The Group’s finance lease receivables at 31 December 2025 is £9.2m (2024: £11.7m).

	2025	2024
	£m	£m
Low value lease expense	–	–
Short-term lease expense (includes event venue-related leases)	236.4	159.2

19. Other investments and investments in joint ventures and associates

Investments in joint ventures and associates

The carrying value of investments in joint ventures and associates are set out below:

	2025	2024
	£m	£m
At 1 January	92.7	58.8
Arising on disposals	–	(8.9)
Arising on acquisition	1.3	–
Deconsolidation of former subsidiaries	–	52.7
Arising on transfer to subsidiaries	–	(7.1)
Dividends	(3.4)	(3.1)
Share of profit	4.5	1.3
Impairment of investment	(13.1)	–
Foreign exchange loss	(0.9)	(1.0)
At 31 December	81.1	92.7

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

170

Informa Annual Report and Accounts 2025

There was no comprehensive income from joint ventures and associates.

As per below, the Group’s investments in joint ventures at 31 December 2025 were as follows and no joint venture is

considered individually material to the Group:

		Country of
		incorporation and		Shareholding or
Company	Divisions	operation	Class of shares held	share of operation	Registered office
Shanghai Intex Exhibition Co., Ltd	Informa Markets	China	Ordinary	50%	PRC1
Foshan Huaxia Home Textile
Development Co., Ltd.	Informa Markets	China	Ordinary	65%	PRC2
Shenzhen Bo Ao Exhibition Co., Ltd.	Informa Markets	China	Ordinary	65%	PRC3
Shenzhen HKPCA Show Co., Ltd	Informa Markets	China	Ordinary	51%	PRC4
International Electronics Circuit
Exhibition (Shenzhen) Co., Ltd	Informa Markets	Hong Kong	Ordinary	51%	HK1
Cosmoprof India Private Limited	Informa Markets	India	Ordinary	50%	IN1
Independent Materials Handling
Exhibitions Limited	Informa Markets	UK	Ordinary	50%	UK1
Lloyd’s Maritime Information
Services Ltd	Informa Connect	UK	Ordinary	50%	UK2
Tak Mexico Holdings, LLC	Informa Markets	USA	Ordinary	50%	US1
Tarsus RAI Events, LLC	Informa Markets	USA	Ordinary	50%	US2

As per below, the Group’s investments in associates at 31 December 2025 were as follows and no associate is considered

individually material to the Group:

		Country of
		incorporation and		Shareholding or
Company	Divisions	operation	Class of shares held	share of operation	Registered office
Guangdong International
Exhibitions Ltd	Informa Markets	China	Ordinary	27.5%	PRC5
Independent Television News
Limited	Informa Markets	UK	Ordinary	20.0%	UK3
PA Media Group Ltd	Informa Markets	UK	Ordinary	18.2%	UK4
Founders Forum LLP	Informa Festivals	UK	Membership Interest	26.8%	UK5
Tarsus BodySite LLC	Informa Connect	US	Membership Interest	49.0%	US1

Registered office	Registered office address
PRC1	Room		1208	, No. 55 Loushanguan Road, Shanghai, China
PRC2	Foshan, China		Room 2602,	Building 1, South China International Financial Centre, 28 Haiwu Road, Guicheng Street, Nanhai District,
PRC3	District, Shenzhen, China		Room 1405S, 14th Floor, Times Financial Center, No. 4001 Shennan Avenue, Fu’an Community, Futian Street, Futian
PRC4	Unit 2607B, 26/F, Huarong Building, 178 Mintian Road, Futian District, Shenzhen, China
PRC5	Room B358, No. 364 Industrial Avenue Middle Road, Haizhi District, Guangzhou, China
HK1	Unit	1508	, 15/F., Greenfield Tower, Concordia Plaza, No. 1 Science Museum Road, Tsim Sha Tsui, Hong Kong
	Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai
IN1	40009	3, India
UK1	5 Howick Place, London SW1P 1WG, United Kingdom
UK2	71 Fenchurch Street, London, EC3M 4BS, United Kingdom
UK3	200	Grays Inn Road, London, WC1X 8XZ, United Kingdom
UK4	The Point, 37 North Wharf Road, London W2 1AF, United Kingdom
UK5	6th Floor, 180 Strand, 2 Arundel Street, London, WC2R 3DA, United Kingdom
US1	c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
US2	c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA

171

Informa Annual Report and Accounts 2025

Financial StatementsGS A

19. Other investments and investments in joint ventures and associates continued

Other investments

The Group’s other investments (consisting of investments in listed and unlisted equity securities) as at 31 December 2025

are as follows:

	2025	2024
	£m	£m
At 1 January	186.5	260.8
Arising on acquisition of subsidiaries and operations	–	2.5
Additions of listed equity securities in year	–	6.7
Disposal of preference shares	–	(74.2)
Fair value loss 1	(57.6)	(9.2)
Foreign exchange loss	(10.3)	(0.1)
At 31 December 2	118.6	186.5

1 The fair value loss recognised for the 12 months ended 31 December 2025 mostly relates to the retained equity interest in Norstella, previously

Pharma Intelligence

2 Other investments consist of investments in listed equity securities, unlisted equity securities and preference shares. The most significant of these

is the retained equity interest in Norstella, previously Pharma Intelligence, as well as the investment in BolognaFiere

20. Deferred tax

				Consolidated Income
		Consolidated Balance		Statement for the year
		Sheet as at 31 December		ended 31 December 1
	2025	2024	2025	2024
	£m	£m	£m	£m
Accelerated tax depreciation	(4.7)	(6.9)	1.5	3.5
Intangibles	679.8	755.6	(53.5)	(64.7)
Pensions	–	(1.4)	1.5	–
Losses	(121.5)	(162.6)	34.2	(92.4)
Other 2	(97.6)	(77.0)	(26.6)	(28.2)
	456.0	507.7	(42.9)	(181.8)

1 See Note 12

2 Included within Other is £58.8m (2024: £45.0m) of deferred tax related to interest carried forward

The movement in net deferred tax liabilities during the year was as follows:

	2025	2024
	£m	£m
Net deferred tax liabilities at 1 January	507.7	523.3
Charge to other comprehensive income	2.2	–
Acquisitions and additions	2.5	189.9
Disposals	–	(21.2)
Credit to profit or loss for the year	(42.9)	(181.8)
Foreign exchange and other movements	(13.5)	(2.5)
Net deferred tax liabilities at 31 December	456.0	507.7

Certain deferred tax assets and liabilities have been offset. The analysis of deferred tax balances for the Consolidated

Balance Sheet is set out below:

	2025	2024
	£m	£m
Deferred tax liabilities	527.7	593.4
Deferred tax assets	(71.7)	(85.7)
Net deferred tax liabilities	456.0	507.7

Deferred tax assets have been recognised because, based on the Group’s current forecasts, it is expected that there will be

taxable profits against which these assets can be utilised. A deferred tax asset of £69.4m (2024: £83.5m) has been recognised

in respect of Luxembourg tax losses. Notwithstanding the fact that the relevant company generated additional tax losses in

2024, and the utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from

the reversal of existing taxable temporary differences, this deferred tax asset has been recognised on the basis that profit

forecasts demonstrate that sufficient taxable profits will be available to utilise these losses in the foreseeable future.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

172

Informa Annual Report and Accounts 2025

The Group has the following unused tax losses in respect of which no deferred tax assets have been recognised:

• £376.7m (2024: £316.7m) of UK tax losses

• £192.4m (2024: £85.8m) of US Federal tax losses which expire between 2026 and 2037

• £484.4m (2024: £175.9m) of US State tax losses which expire between 2026 and 2045

• £385.2m (2024: £270.2m) of UK capital losses which are only available for offset against future capital gains

• £13.1bn (2024: £7.1bn) of Luxembourg tax losses

• £140.7m (2024: £157.4m) of tax losses in other countries

Other than as noted, none of the losses are due to expire.

No deferred tax has been recognised in respect of these tax losses as it is not considered probable that these losses will be

utilised. This assessment has been made on the basis of the latest financial forecasts for the Group which set out

management’s expectations of the profit before tax in each of the relevant jurisdictions.

In addition, the Group has other deductible temporary differences not recognised of £56.5m (2024: £58.1m). No deferred tax

assets have been recognised in respect of these amounts as it is not considered probable that they will be utilised.

No liability has been recognised in relation to withholding tax on undistributed earnings of subsidiaries because the Group,

being in a position to control the timing of the distribution of intra-Group dividends, has no intention to distribute intra-

Group dividends in the foreseeable future. The amount of withholding tax for which deferred tax liabilities have not been

recognised was £11.6m (2024: £9.6m). The gross temporary differences associated with investments in subsidiaries amount

in aggregate to £3.0bn (2024: £3.0bn).

21. Inventory

	2025	2024
	£m	£m
Work in progress	21.5	20.0
Finished goods and goods for resale	22.6	23.0
	44.1	43.0

The write-down of inventory during the year amounted to £0.7m (2024: £nil). The cost of inventories recognised as a cost of

sales expense during the year was £28.1m (2024: £27.6m).

22. Trade and other receivables

	2025	2024
Current	£m	£m
Trade receivables	499.8	498.4
Less: provision	(28.6)	(22.5)
Trade receivables net	471.2	475.9
Other receivables	45.6	64.6
Accrued income	48.2	45.4
Prepayments	120.4	131.1
Total current	685.4	717.0
Non-current
Other receivables	42.3	51.2
Total non-current	42.3	51.2
Trade and other receivables net	727.7	768.2

In 2022, as a result of the Pharma Intelligence disposal, an agreement with the Trustees of the UK pension schemes was made to

accelerate deficit repair contributions. This resulted in a contribution of £28.2m into an escrow fund, with payment from this fund

to the pension schemes being dependent on the future financial strength of the schemes. In December 2025, balances held in

escrow of £13.1m were returned to the Group in agreement with the respective Trustees, as insurance buy-in policies were

entered into for two of the schemes (see Note 34). In 2025, the remaining contribution for the UBMPS scheme, worth £16.2m

including accrued interest, is included within non-current other receivables (2024: £15.9m in non-current other receivables).

The average credit period taken on sales of goods is 51 days (2024: 53 days). Under the normal course of business, the Group

does not charge interest on its overdue receivables.

The Group’s exposures to credit risk and impairment losses related to trade and other receivables are disclosed in Note

33(f). The Directors consider that the carrying amount of trade and other receivables approximates their fair value.

173

Informa Annual Report and Accounts 2025

Financial StatementsGS A

23. Derivative financial instruments

	2025	2024
Financial assets – non-current	£m	£m
Cross-currency swaps designated in a hedging relationship	43.8	–
Cross-currency interest rate swaps designated in a hedging relationship	28.9	–
Financial assets – current	72.7	–
Currency forwards	–	0.1
Cross-currency swaps designated in a hedging relationship	7.2	–
Financial liabilities – current	7.2	0.1
Currency forwards	(2.2)	(1.5)
Cross-currency swaps designated in a hedging relationship	–	(74.9)
Financial liabilities – non-current	(2.2)	(76.4)
Cross-currency swaps designated in a hedging relationship	(4.5)	(89.7)
Cross-currency interest rate swaps designated in a hedging relationship	–	(38.1)
	(4.5)	(127.8)

Cross-currency swaps and cross-currency interest rate swaps that are associated with debt instruments are included within

net debt (see Note 29). £79.9m (2024: £nil) derivative financial assets and £4.5m (2024: £202.7m) derivative financial

liabilities are in hedging relationships (see Note 33). Currency forwards are also included in net debt.

24. Notes to the Consolidated Cash Flow Statement

Notes

		2025	2024
		£m	£m
(Loss)/profit before tax		(64.3)	407.3
Adjustments for:
Intangible asset amortisation	16	380.1	355.7
Depreciation of property and equipment	17	21.2	17.5
Depreciation of right-of-use assets	18	43.2	27.1
Impairment – goodwill	7	484.2	–
Impairment – acquisition-related and other intangible assets	7	32.0	28.5
Impairment – investment in joint ventures	7	13.1	–
Impairment – right-of-use assets	7	5.3	5.0
Fair value gain on contingent consideration	7	(1.4)	(29.5)
Fair value loss on contingent consideration	7	9.8	16.3
Fair value loss on investments	7	57.6	9.2
Loss on disposal of subsidiaries and operations	7	2.1	24.1
Share-based payments	9	42.5	22.2
(Gain)/loss on lease modifications		(3.7)	1.3
Loss on disposal of property, equipment and software		–	0.1
Finance income	10	(15.1)	(12.9)
Finance costs	11	161.4	115.1
Share of adjusted results of joint ventures and associates	19	(4.5)	(2.8)
Net exchange differences		–	0.9
Operating cash inflow before movements in working capital		1,163.5	985.1
Increase in inventories		(2.2)	(6.8)
Increase in receivables		(64.0)	(174.4)
Increase in payables		83.6	208.6
Movements in working capital		17.4	27.4
Pension receipt from escrow	22	13.1	–
Pension deficit recovery contributions	34	(6.5)	(1.1)
Cash generated by operations		1,187.5	1,011.4

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

174

Informa Annual Report and Accounts 2025

Reconciliation of total net financing liabilities

	Total net
	financing	Share	Total
	liabilities	buyback	financing
	(Note 29)	liability	cash flows
	£m	£m	£m
At 1 January 2024	(1,845.7)	(90.9)	(1,936.6)
Non-cash movements	(518.5)	–	(518.5)
Cash flow	(1,367.2)	90.9	(1,276.3)
Exchange movements	45.3	–	45.3
At 31 December 2024	(3,686.1)	–	(3,686.1)
Non-cash movements	186.4	–	186.4
Cash flow	240.9	–	240.9
Exchange movements	(137.9)	–	(137.9)
At 31 December 2025	(3,396.7)	–	(3,396.7)

Cash paid on acquisitions, net of cash acquired

	2025	2024
	£m	£m
Current year acquisitions	27.9	–
Prior year acquisitions including deferred and contingent payments
Ascential	–	1,169.0
IMN	–	95.0
TechTarget	–	59.2
Solar Media	4.5	37.4
Other	29.7	89.9
Total cash paid in year, net of cash acquired	62.1	1,450.5

25. Cash and cash equivalents

	2025	2024
	£m	£m
Cash and cash equivalents 1	330.5	484.3

1 Cash and cash equivalents comprises balances valued at amortised cost of £319.5m (2024: £482.7m) and those at fair value of £11.0m (2024: £1.6m)

The Group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities are disclosed in Note 33.

26. Investments

	2025	2024
	£m	£m
At 1 January	61.8	–
Arising on acquisition	–	61.0
Withdrawals	(62.2)	–
Foreign exchange gain	0.4	0.8
At 31 December	–	61.8

Investments relate to Floating Rate and Short-Term Bond Funds acquired upon the acquisition of TechTarget in December

2024. These investments were converted to cash in January 2025.

175

Informa Annual Report and Accounts 2025

Financial StatementsGS A

27. Borrowings

Total borrowings, excluding derivative assets and liabilities associated with borrowings, are as follows:

Notes

		2025	2024
Current		£m	£m
Convertible notes		–	329.5
Bank borrowings		–	329.5
Euro Medium Term Note (€700.0m) – due October 2025		–	580.6
Euro Medium Term Note (£450.0m) – due July 2026		450.0	–
Euro Medium Term Note issue costs		(0.2)	(0.8)
Euro Medium Term Note borrowings		449.8	579.8
Total current borrowings	29	449.8	909.3
Non-current
Bank borrowings – revolving credit facility		175.0	–
Bank borrowings issue costs		(3.0)	(3.8)
Bank borrowings	29	172.0	(3.8)
Euro Medium Term Note (£450.0m) – due July 2026		–	450.0
Euro Medium Term Note (€600.0m) – due October 2027		524.0	497.6
Euro Medium Term Note (€500.0m) – due April 2028		436.6	414.7
Euro Medium Term Note (€650.0m) – due October 2030		564.0	540.7
Euro Medium Term Note (€700.0m) – due June 2031		611.3	–
Euro Medium Term Note (€500.0m) – due October 2034		436.6	414.7
Euro Medium Term Note issue costs		(16.9)	(15.6)
Euro Medium Term Note borrowings	29	2,555.6	2,302.1
Total non-current borrowings		2,727.6	2,298.3
Total borrowings		3,177.4	3,207.6

The Group does not have any of its property and equipment and other intangible assets pledged as security over its

Group-level loans. The Group’s borrowings do not have any financial covenants.

Convertible notes were acquired as part of the TechTarget acquisition on 2 December 2024. The Group repurchased the

notes for cash on 24 January 2025 at a purchase price equal to 100% of the aggregate principal amount, plus accrued and

unpaid interest.

On 9 June 2025, the Group issued a 6-year fixed-term Euro Medium Term Note of €697.2m (notional value €700.0m). The

Group repaid a 5-year fixed-term Euro Medium Term Note of €700.0m upon maturity on 6 October 2025.

The average debt maturity on the Group’s drawn borrowings is currently 4.0 years (2024: 3.4 years). The effective interest

rate on total borrowings for the year ended 31 December 2025 was 4.2% (2024: 3.7%).

The Group maintains the following lines of credit:

• £1,145.5m (2024: £1,050.0m) non-current revolving credit facility, of which £175.0m (2024: £nil) was drawn down at

31 December 2025. Interest is payable at SONIA or SOFR plus a margin

• £39.1m (2024: £41.0m) comprising a number of bilateral uncommitted bank facilities that can be drawn to meet short-term

financing needs, of which £10.1m (2024: £0.2m) was drawn at 31 December 2025. These facilities consist of £10.0m

(2024: £10.0m), USD 22.8m (2024: USD 22.8m), AUD 1.0m (2024: AUD 1.0m), CAD 2.0m (2024: CAD 2.0m) and SGD 1.0m

(2024: SGD 1.0m), JPY 20.0m (2024: JPY 20.0m), BHD 0.3m (2024: BHD 0.3m), AED 30.0m (2024: AED 30.0m), INR 360.0m

(2024: INR 360.0m) and ZAR 3.0m (2024: ZAR nil). Interest is payable at the local base rate plus a margin

• Four bank guarantee facilities comprising up to USD 10.0m (2024: USD 10.0m), €0.9m (2024: €0.9m), £14.0m (2024: £14.0m)

and INR 25.0m (2024: INR 25.0m)

The Group’s exposure to liquidity risk is disclosed in Note 33.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

176

Informa Annual Report and Accounts 2025

28. Reconciliation of movements in net debt

	2025	2024
	£m	£m
(Decrease)/increase in cash and cash equivalents in the year (including cash acquired)	(143.5)	89.9
Cash flows from net drawdown of borrowings, derivatives associated with debt, and lease liabilities	240.9	(1,367.2)
Change in net debt resulting from cash flows	97.4	(1,277.3)
Non-cash movements including foreign exchange, excluding leases	125.6	(434.1)
Movements in net debt in the period	223.0	(1,711.4)
Net debt at beginning of the year	(3,201.8)	(1,456.4)
Net lease additions in the year	(87.4)	(34.0)
Net debt at end of the year	(3,066.2)	(3,201.8)

29. Movements in net debt

	At				At
	1 January	Non-cash		Exchange	31 December
	2025	movements	Cash flow	movements	2025
	£m	£m	£m	£m	£m
Cash and cash equivalents	484.3	–	(143.5)	(10.3)	330.5
Other financing assets
Derivative assets associated with borrowings due in more than one year	–	72.7	–	–	72.7
Derivative assets associated with borrowings due in less than one year	–	7.2	–	–	7.2
Finance lease receivables	11.7	0.5	(3.3)	0.3	9.2
Total other financing assets	11.7	80.4	(3.3)	0.3	89.1
Other financing liabilities
Bond borrowings due in more than one year	(2,317.7)	455.3	(588.4)	(121.7)	(2,572.5)
Bond borrowings due in less than one year	(580.6)	(450.0)	616.7	(36.1)	(450.0)
Bond borrowing fees	16.4	(5.5)	6.2	–	17.1
Bank loans due in more than one year 1	–	–	(175.0)	–	(175.0)
Bank loan fees due in more than one year	3.8	(0.8)	–	–	3.0
Acquired debt	(329.5)	(2.6)	331.1	1.0	–
Derivative liabilities associated with borrowings due in less than one year	(76.4)	74.2	–	–	(2.2)
Derivative liabilities associated with borrowings due in more than one year	(127.8)	123.3	–	–	(4.5)
Lease liabilities	(278.1)	(87.9)	46.1	18.2	(301.7)
Loans received from other parties 2	(7.9)	–	7.5	0.4	–
Total other financing liabilities	(3,697.8)	106.0	244.2	(138.2)	(3,485.8)
Total net financing liabilities	(3,686.1)	186.4	240.9	(137.9)	(3,396.7)
Net debt	(3,201.8)	186.4	97.4	(148.2)	(3,066.2)

1 Bank loans include the non-current revolving credit facility, of which £1,166.3m was drawdown and £991.3m was repaid during the year

2 Loans received from other parties are included within current other payables (see Note 32)

177

Informa Annual Report and Accounts 2025

Financial StatementsGS A

29. Movements in net debt continued

					At
	At 1 January	Non-cash		Exchange	31 December
	2024	movements	Cash flow	movements	2024
	£m	£m	£m	£m	£m
Cash and cash equivalents	389.3	–	89.9	5.1	484.3
Other financing assets
Finance lease receivables	10.5	3.8	(2.4)	(0.2)	11.7
Total other financing assets	10.5	3.8	(2.4)	(0.2)	11.7
Other financing liabilities
Bond borrowings due in more than one year	(1,492.6)	606.5	(1,464.6)	33.0	(2,317.7)
Bond borrowings due in less than one year	–	(608.2)	–	27.6	(580.6)
Bond borrowing fees	6.2	(2.8)	13.4	(0.4)	16.4
Bank loans due in more than one year 1, 2	(30.4)	38.3	–	(7.9)	–
Bank loan fees due in more than one year	2.3	(7.1)	8.4	0.2	3.8
Acquired debt	–	(384.9)	59.2	(3.8)	(329.5)
Derivative liabilities associated with borrowings due in less than one year	–	(76.4)	–	–	(76.4)
Derivative liabilities associated with borrowings due in more than one year	(77.9)	(49.9)	–	–	(127.8)
Lease liabilities	(263.8)	(37.8)	26.7	(3.2)	(278.1)
Loans received from other parties 3	–	–	(7.9)	–	(7.9)
Total other financing liabilities	(1,856.2)	(522.3)	(1,364.8)	45.5	(3,697.8)
Total net financing liabilities	(1,845.7)	(518.5)	(1,367.2)	45.3	(3,686.1)
Net debt	(1,456.4)	(518.5)	(1,277.3)	50.4	(3,201.8)

1 Bank loans include the Curinos debt acquired as part of the Novantas transaction in 2021. On 24 December 2024, the Group disposed of the

Curinos business

2 Bank loans include the non-current revolving credit facility, of which £914.5m was drawdown and repaid within the year

3 Loans received from other parties are included within current other payables (see Note 32)

30. Provisions

				Onerous
	Acquisition and	Property	Restructuring	contract	Other
	integration	leases	provision	provision	provision	Total
	£m	£m	£m	£m	£m	£m
At 1 January 2024	15.9	10.1	8.6	0.5	36.5	71.6
Provided in the year	20.1	1.4	10.5	–	5.2	37.2
Acquisitions of subsidiaries	–	2.7	5.2	12.4	1.1	21.4
Disposal of subsidiaries	–	(0.3)	–	–	(0.7)	(1.0)
Utilisation	(29.5)	(2.1)	(17.6)	(8.5)	(11.6)	(69.3)
Release	(4.5)	(1.3)	(0.1)	–	(11.9)	(17.8)
At 31 December 2024	2.0	10.5	6.6	4.4	18.6	42.1
Provided in the year	6.9	1.9	9.2	0.2	11.6	29.8
Utilisation	(5.4)	(1.2)	(4.6)	(4.3)	(2.3)	(17.8)
Release	(1.0)	(2.3)	(2.3)	–	(7.3)	(12.9)
Currency translation	(0.1)	(0.2)	0.8	0.2	(1.3)	(0.6)
At 31 December 2025	2.4	8.7	9.7	0.5	19.3	40.6
2025
Current liabilities	2.4	1.7	9.0	0.5	12.5	26.1
Non-current liabilities	–	7.0	0.7	–	6.8	14.5
2024
Current liabilities	2.0	3.0	6.6	4.4	10.8	26.8
Non-current liabilities	–	7.5	–	–	7.8	15.3

Acquisition and integration provisions relate to the costs and fees incurred in acquiring businesses and subsequently

integrating these into the Group.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

178

Informa Annual Report and Accounts 2025

The balance of £8.7m (2024: £10.5m) in property leases relates to provisions for the future costs, excluding rental costs, of a

number of office properties that have been permanently vacated. These provisions will be utilised over the course of the

remaining lease term. The majority of the provisions are expected to be utilised as follows: £6.0m (2024: £7.3m) in two to five

years and £1.0m (2024: £0.2m) after five years.

Other provisions primarily consist of legal and various other claims. Of the total £19.3m (2024: £18.6m), the non-current

element of £6.8m (2024: £7.8m) is expected to be settled as follows: £4.0m (2024: £4.4m) within three years, and £2.8m

(2024: £3.4m) within five years.

31. Contingent consideration and put call options

	2025	2024
	£m	£m
At 1 January	46.3	137.9
Fair value gain through profit or loss	(1.4)	(29.5)
Fair value loss through profit or loss	9.8	16.3
Fair value (gain)/loss through equity on put call options	(0.4)	1.8
Acquisitions of subsidiaries	7.0	4.3
Acquisitions of assets	0.3	1.0
Utilisation	(28.5)	(84.9)
Disposal of subsidiary	(1.5)	–
Currency translation	(1.2)	(0.6)
At 31 December	30.4	46.3
Current liabilities	11.2	31.4
Non-current liabilities	19.2	14.9

The contingent consideration is based on future business valuations, revenue growth and profit multiples (Level 3 fair value

measurements) and has been estimated on an acquisition-by-acquisition basis using available forecasts (a significant

unobservable input). The higher the forecast, the higher the fair value of any contingent consideration (subject to any

maximum payout clauses).

32. Trade and other payables

	2025	2024
Current	£m	£m
Trade payables	203.0	178.0
Other payables	44.0	61.2
Deferred consideration	2.4	8.0
Accruals	433.3	440.7
Total current	682.7	687.9
Non-current
Other payables and deferred income	14.5	10.1
Deferred consideration	1.0	0.6
Total non-current	15.5	10.7
	698.2	698.6

Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average

credit period taken for trade purchases is 51 days (2024: 51 days).

There are no suppliers who represent more than 10% of the total balance of trade payables in either 2025 or 2024.

The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.

Therefore, under the normal course of business, the Group is not charged interest on overdue payables. The Directors

consider that the carrying amount of trade payables approximates their fair value.

179

Informa Annual Report and Accounts 2025

Financial StatementsGS A

33. Financial instruments

(a) Financial risk management

The Group has exposure to the following risks from its use of financial instruments:

• Market risk

• Credit risk

• Liquidity risk

This note presents information about the Group’s exposure to each of the above risks, the Group’s management of capital,

and the Group’s objectives, policies and procedures for measuring and managing risk.

The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management

framework. The Board has established a Treasury Committee which is responsible for developing and monitoring the

Group’s financial risk management policies. The Treasury Committee meets regularly and reports to the Audit Committee on

its activities.

The Group Treasury function provides services to the Group’s businesses, co-ordinates access to domestic and international

financial markets, and monitors and manages the financial risks relating to the operations of the Group. These risks include

market risk (including currency risk, interest risk and price risk), credit risk and liquidity risk.

The Treasury Committee has put in place policies to identify and analyse the financial risks faced by the Group and has set

appropriate limits and controls. These policies provide written principles on funding investments, credit risk, foreign

exchange risk and interest rate risk. Compliance with policies and exposure limits is reviewed by the Treasury Committee.

This Committee is assisted in its oversight role by the Internal Audit function, which undertakes both regular and ad hoc

reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

Capital risk management

The Group manages its capital to ensure that the Group is able to continue as a going concern while maximising the return

to stakeholders and supporting the future development of the business. In order to maintain or adjust the capital structure,

the Group may suspend or adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new

shares or sell assets to reduce debt.

The capital structure of the Group consists of net debt, which includes cash and cash equivalents (Note 25), borrowings

(Note 27), and equity attributable to equity holders of the Parent Company, comprising issued capital (Note 35), reserves

and retained earnings.

Cost of capital

The Group’s Treasury Committee reviews the Group’s capital structure on a regular basis and, as part of this review, the

Committee considers the weighted average cost of capital and the risks associated with each class of capital.

Informa Leverage ratio

There are no financial covenants on our Group-level debt facilities in issue at 31 December 2025.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

180

Informa Annual Report and Accounts 2025

(b) Categories of financial instruments

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of

measurement and the basis on which income and expenses are recognised in respect of each class of financial asset,

financial liability and equity instrument, are disclosed in Note 2.

Notes

		2025	2024
Financial assets		£m	£m
Trade receivables	22	471.2	475.9
Other receivables	22	87.9	115.8
Finance lease receivables	18	9.2	11.7
Cash and cash equivalents – at amortised cost	25	319.5	482.7
Cash and cash equivalents – at fair value 1	25	11.0	1.6
Derivative assets	23	79.9	0.1
Other investments	19, 26	118.6	248.3
Total financial assets		1,097.3	1,336.1
Financial liabilities
Convertible notes	27	–	329.5
Bank borrowings	27	172.0	–
Bond borrowings	27	3,005.4	2,881.9
Lease liabilities	18	301.7	278.1
Derivative liabilities	23	6.7	204.2
Trade payables	32	203.0	178.0
Accruals 2	32	304.5	307.1
Other payables 3	32	47.7	66.0
Deferred consideration	32	3.4	8.6
Contingent consideration	31	30.4	46.3
Total financial liabilities		4,074.8	4,299.7

1 Comprises money market funds which are measured at fair value – no change in valuation compared to being held at amortised cost

2 Accruals relating to employee benefits of £128.8m (2024: £133.6m) are not included here, in line with their separate treatment under IAS 19

3 Non-current deferred income of £10.8m (2024: £5.3m) is not included here, as that balance is settled by delivery of goods or services, not cash or

another financial asset

Market risk is the risk that changes in market prices, such as foreign exchange and interest rates, will affect the Group’s

income or the value of its holdings of financial instruments.

The Group manages these risks by maintaining a mix of fixed and floating rate debt and currency borrowings using

derivatives where necessary. The Group does not use derivative contracts for speculative purposes.

The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise

adverse effects on the Group’s financial performance. Risk management is carried out by a central Treasury function under

policies approved by the Board of Directors. There has been no change to the Group’s exposure to market risks or the

manner in which these risks are managed and measured.

(d) Interest rate risk

The Group has no significant interest-bearing assets at floating rates, except cash, but is exposed to interest rate risk as

entities in the Group borrow funds at both fixed and floating interest rates. Borrowings issued at variable rates expose the

Group to cash flow interest rate risk. Borrowings issued at or converted to fixed rates expose the Group to fair value interest

rate risk.

The interest rate risk is managed by maintaining an appropriate mix of fixed and floating rate borrowings and by the use of

interest rate swap contracts. The Group’s exposures to interest rates on financial assets and financial liabilities are detailed

in the liquidity risk section of this note.

181

Informa Annual Report and Accounts 2025

Financial StatementsGS A

33. Financial instruments continued

The following table details financial liabilities by interest category before the effect of hedge accounting, note that the

change in the derivative liabilities line reflects fair value gains in the year, resulting in the Group’s cross-currency interest

rate swaps being in an asset position as at 31 December 2025, in addition to a majority of the cross-currency swap portfolio

(see Note 23):

		2025					2024
		Floating	Non-interest				Non-interest
	Fixed rate	rate	bearing	Total	Fixed rate	Floating rate	bearing	Total
	£m	£m	£m	£m	£m	£m	£m	£m
Convertible notes	–	–	–	–	329.5	–	–	329.5
Bank borrowings	–	172.0	–	172.0	–	–	–	–
Bond borrowings	3,005.4	–	–	3,005.4	2,881.9	–	–	2,881.9
Lease liabilities	301.7	–	–	301.7	278.1	–	–	278.1
Derivatives liabilities	6.7	–	–	6.7	166.1	38.1	–	204.2
Trade payables	–	–	203.0	203.0	–	–	178.0	178.0
Accruals	–	–	304.5	304.5	–	–	307.1	307.1
Other payables	–	–	47.7	47.7	–	–	66.0	66.0
Deferred consideration	–	–	3.4	3.4	–	–	8.6	8.6
Contingent consideration	–	–	30.4	30.4	–	–	46.3	46.3
	3,313.8	172.0	589.0	4,074.8	3,655.6	38.1	606.0	4,299.7

Interest rate sensitivity analysis

95% (2024: 100%) of total borrowings are at fixed interest rates; the EMTN tranche maturing in 2030 of €650m is subject to a

floating rate of interest after considering the effect of hedge accounting. The Group’s interest rate sensitivity would only be

affected by the exposure to variable rate debt.

If interest rates on variable debt had been 100bps higher or lower and all other variables were held constant, the Group’s

profit for the year would have decreased or increased by £5.4m (2024: £1.0m).

Financial assets are both fixed and floating interest rate bearing but any interest received on these amounts is immaterial to

the Group.

Should interest rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.

(e) Foreign currency risk

The Group is a business with significant net USD or currencies pegged to USD transactions; hence exposures to exchange

rate fluctuations arise.

Allied to the Group’s policy on the hedging of surplus foreign currency cash inflows, the Group will usually seek to finance its

net investment in its principal overseas subsidiaries by borrowing in those subsidiaries’ functional currencies, primarily USD

and EUR. This policy has the effect of partially protecting the Group’s Consolidated Balance Sheet from movements in those

currencies to the extent that the associated net assets are hedged by derivatives.

The carrying amounts of the Group’s foreign currency denominated assets and liabilities, excluding derivatives and deferred

income, at the reporting date are as follows:

	Assets		Liabilities
	2025	2024	2025	2024
	£m	£m	£m	£m
USD	604.0	742.8	(621.4)	(1,153.6)
EUR	134.4	135.1	(2,741.7)	(2,593.8)
CNY	129.5	114.0	(108.3)	(111.4)
Other	216.1	226.9	(356.1)	(302.7)
	1,084.0	1,218.8	(3,827.5)	(4,161.5)
GBP	176.0	267.3	(1,044.4)	(833.6)
	1,260.0	1,486.1	(4,871.9)	(4,995.1)

Cross-currency swaps and the 2034 EMTN debt tranche are used to hedge the Group’s net investments in foreign subsidiaries

which resulted in a gain of £167.2m (2024: loss of £80.3m) being recognised through other comprehensive income.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

182

Informa Annual Report and Accounts 2025

	Average rate		Closing rate
	2025	2024	2025	2024
USD	1.32	1.28	1.34	1.26
EUR	1.17	1.18	1.15	1.21

Foreign currency sensitivity analysis

In 2025, approximately 61% (2024: 66%) of Group revenue was received in USD or currencies pegged to USD. Similarly, the

Group incurred approximately 53% (2024: 55%) of its costs in USD or currencies pegged to USD. Each one cent ($0.01)

movement in the USD to GBP exchange rate has a circa £18m (2024: circa £19m) impact on annual revenue, a circa £7m

(2024: circa £8m) impact on annual adjusted operating profit and a circa £22m (2024: circa £21m) impact on the net investment

hedge reserve. Should exchange rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.

Derivatives designated in hedge relationships

	2025	2024
	£m	£m
Cross-currency swaps – derivative financial assets	79.9	–
Cross-currency swaps – derivative financial liabilities	(4.5)	(202.7)

There are cross-currency swaps and cross-currency interest rate swaps over the EMTN borrowings where the company

receives the following:

• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest

for $588.9m

• A fixed rate of interest on €600.0m of EMTN borrowings with a maturity of October 2027 and pays a fixed rate of interest

for $655.6m

• A fixed rate of interest on €500.0m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest

for $551.6m

• A fixed rate of interest on €650.0m of EMTN borrowings with a maturity of October 2030 and pays a floating rate of

interest of SOFR plus premium for $710.2m

• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of June 2031 and pays a fixed rate of interest

for $799.2m

At 31 December 2025, the fair value of these swaps was a net financial asset of £75.4m (2024: liability of £202.7m); of these

amounts, a £37.0m asset (2024: £135.9m liability) was designated in a net investment hedge relationship, £22.1m asset

(2024: £57.8m liability) was designated in a cash flow hedge relationship and £16.3m asset (2024: £9.0m liability) was

designated in a fair value hedge relationship.

The cross-currency interest rate swaps in place are used to hedge against benchmark interest rate risk, foreign exchange

risk of net investments in foreign operation assets and repayments of EUR denominated debt. As such, the Receive EUR Pay

USD cross-currency swaps have been separated into synthetic cross-currency swaps, whereby the EUR fixed to GBP fixed

legs are hedging the cash flow risk on EUR debt, the EUR fixed to GBP floating legs (on the €650.0m EMTN with maturity

October 2030) are hedging fair value risk on the bond and the GBP to USD legs are hedging foreign currency risk relating to

net investments.

The result of the synthetic cross-currency swaps has been to swap €1,800.0m to £1,525.2m to hedge the cash flow risk at an

average foreign exchange rate of €1.18:£1 and additionally £1,525.2m to $2,006.3m to hedge the foreign currency risk at an

average foreign exchange rate of $1.32:£1. Further, €650.0m has been swapped to £545.8m to hedge the fair value risk at an

average foreign exchange rate of €1.19:£1 and £545.8m has been swapped to $710.2m to hedge foreign currency risk at an

average foreign exchange rate of $1.30:£1.

The net investment hedge reserve at 31 December 2025 was £31.6m (2024: £135.6m). The total gain during the year was

£167.2m (2024: £80.3m loss) in respect of the hedging instruments, of which a loss of £21.9m (2024: loss of £4.4m) is in

relation to exchange losses on debt instruments in a net investment hedge relationship.

The cash flow hedge reserve at 31 December 2025 was £0.1m (2024: £45.3m). The fair value gain during the year was £32.6m

(2024: £49.3m loss) in respect of the hedged instruments, and a loss of £79.4m (2024: £62.5m gain) in respect of the hedged

items which has been reclassified to finance costs in the Consolidated Income Statement, along with the recycling of £1.6m

upon maturity of the cash flow hedge arrangement relating to the Euro Medium Term Note of €700.0m that was repaid on

6 October 2025. Interest of £21.6m (2024: £11.5m) has been reclassified to the Consolidated Income Statement.

For the fair value hedge, a total loss of £23.1m (2024: £2.3m gain) was recognised in the Consolidated Income Statement to

account for the change in the fair value of the hedged item. A total gain of £25.0m (2024: £5.4m loss) was recognised in

finance costs to account for changes in fair value of the hedging instrument.

183

Informa Annual Report and Accounts 2025

Financial StatementsGS A

33. Financial instruments continued

The main source of ineffectiveness in the above hedging relationships is the effect of the Group’s own and counterparty credit

risk on the fair value of the cross-currency swaps, which is not reflected in the fair value of the hedged item that is exposed to

change in foreign exchange rates, the change in value of the hedged item used as the basis for recognising hedge

ineffectiveness for the period. No other significant sources of ineffectiveness have emerged from these hedging relationships.

These hedges were assessed to be highly effective during the year ended 31 December 2025 with no ineffectiveness

recognised in the Consolidated Income Statement.

(f) Credit risk

The Group’s principal financial assets are trade and other receivables (Note 22), and cash and cash equivalents (Note 25),

which represent the Group’s maximum exposure to credit risk in relation to financial assets.

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the

Group. The Group has adopted a policy of assessing creditworthiness of counterparties as a means of mitigating the risk of

financial loss from defaults.

The Group’s exposure and the creditworthiness of its counterparties are continuously monitored, and the aggregate value

of transactions concluded is spread among approved financial institutions. Credit exposure is controlled by counterparty

limits that are reviewed and approved as part of the Group’s treasury policies.

Predominantly all of the Group’s cash and cash equivalents are held in investment grade counterparties; where this is not

the case, approval is required by the Group Treasury Committee.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents

the Group’s maximum exposure to credit risk.

Trade receivables

The Group’s credit risk is primarily attributable to its trade receivables and the amounts presented in the Consolidated

Balance Sheet are net of the expected credit loss (ECL). Trade receivables consist of a large number of customers, spread

across diverse industries and geographic areas, and the Group’s exposure to credit risk is influenced mainly by the individual

characteristics of each customer. The Group does not have significant credit risk exposure to any single counterparty or any

group of counterparties having similar characteristics.

The majority of customers have credit limits set by credit managers and are subject to the standard terms of payment of

each division. As B2B Live Events, the journals subscriptions part of the Taylor & Francis division and Informa TechTarget

operate predominantly on a prepaid basis, they have a low bad debt history. The Group is exposed to normal credit risk,

and potential losses are mitigated as the Group does not have significant exposure to any single customer.

The Group recognises lifetime ECL for trade receivables using a provisioning matrix. The ECL is estimated based on the

Group’s historical credit loss experience where for non-event receivables a 50% provision is made over 180 days based on

due date and a 100% provision is made over 270 days, and a 100% provision is made for events receivables three months

post event date. This is then adjusted for factors that are specific to the debtors, general economic conditions and an

assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of

money where appropriate. The carrying amount is reduced by the ECL through the use of a provision account. The Group

writes off a trade receivable against the provision account when the receivable is considered uncollectible. This occurs when

the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed

under liquidation or has entered into bankruptcy proceedings. None of the trade receivables that have been written off are

subject to enforcement activities. Subsequent recoveries of amounts previously written off are credited against the

provision account. Changes in the carrying amount of the provision are recognised in the Consolidated Income Statement.

The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

184

Informa Annual Report and Accounts 2025

Ageing of trade receivables:

	Gross	Provision	Gross	Provision
	2025	2025	2024	2024
	£m	£m	£m	£m
Not past due	227.0	–	234.3	–
Past due 0–30 days	134.0	–	126.2	–
Past due over 31 days	138.8	(22.4)	137.9	(16.0)
	499.8	(22.4)	498.4	(16.0)
Books return provision (see below)	–	(6.2)	–	(6.5)
Total	499.8	(28.6)	498.4	(22.5)

Trade receivables that are less than three months past the date due for payment are generally not considered impaired. Of

the gross trade receivables balance of £499.8m (2024: £498.4m), £48.2m (2024: £49.7m) was more than three months past

the due date for payment. The Group believes there has not been a significant change in the credit quality and the amounts

are considered recoverable. The Group does not hold any collateral over these balances.

A provision relating to returns on books which are yet to be paid for of £6.2m (2024: £6.5m) has been disclosed separately in

the table above. This is based on the Group’s best estimate of returns for future periods, taking account of returns trends,

and the amount is included as part of the overall provision balance of £28.6m (2024: £22.5m). There are no customers who

represent more than 5% of the total gross balance of trade receivables in either 2025 or 2024.

(g) Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate

responsibility for liquidity risk management rests with the Board of Directors, though operationally it is managed by Group

Treasury with oversight by the Group Treasury Committee. Group Treasury has built an appropriate liquidity risk

management framework for the management of the Group’s short, medium and long-term funding. The Group manages

liquidity risk by maintaining adequate reserves and debt facilities, together with continuously monitoring forecast and actual

cash flows and matching the maturity profiles of financial assets and liabilities. Included in Note 27 is a summary of

additional undrawn facilities that the Group has at its disposal.

Historically and for the foreseeable future, the Group has been, and is expected to continue to be, in a net borrowing

position. The Group’s policy is to fulfil its borrowing requirements by borrowing in the currencies in which it operates,

principally USD and EUR, thereby providing a natural hedge against projected future surplus USD cash inflows.

185

Informa Annual Report and Accounts 2025

Financial StatementsGS A

33. Financial instruments continued

(h) Liquidity and interest risk tables

The following tables present the earliest date on which the Group can settle its financial liabilities. The table includes both

interest and principal cash flows.

	Carrying	Contractual	Less than			Greater
	amount	cash flows 1	1 year	1–2 years	2–5 years	than 5 years
	£m	£m	£m	£m	£m	£m
31 December 2025
Non-derivative financial liabilities
Bank borrowings	172.0	172.0	172.0	–	–	–
Bond borrowings	3,005.4	3,413.2	533.0	596.8	1,167.0	1,116.4
Lease liabilities	301.7	422.4	58.3	55.0	75.8	233.3
Trade and other payables	555.2	555.2	551.4	3.8	–	–
Deferred consideration	3.4	3.4	2.4	1.0	–	–
Contingent consideration	30.4	30.4	11.2	11.3	7.9	–
Derivative financial liabilities	4,068.1	4,596.6	1,328.3	667.9	1,250.7	1,349.7
Currency forwards	2.2	2.2	2.2	–	–	–
Cross-currency swaps – receipts	4.5	(722.3)	(20.5)	(20.5)	(61.8)	(619.5)
Cross-currency swaps – payments		761.2	30.8	30.8	92.7	606.9
	6.7	41.1	12.5	10.3	30.9	(12.6)
Total financial liabilities	4,074.8	4,637.7	1,340.8	678.2	1,281.6	1,337.1
31 December 2024
Non-derivative financial liabilities
Convertible notes	329.5	329.5	329.5	–	–	–
Bond borrowings	2,881.9	3,235.2	657.1	509.6	1,028.6	1,039.9
Lease liabilities	278.1	405.2	42.3	40.7	88.5	233.7
Trade and other payables	551.1	551.1	546.3	4.8	–	–
Deferred consideration	8.6	8.6	8.0	0.6	–	–
Contingent consideration	46.3	46.3	31.4	9.1	5.8	–
Derivative financial liabilities	4,095.5	4,575.9	1,614.6	564.8	1,122.9	1,273.6
Currency forwards	1.5	1.5	1.5	–	–	–
Cross-currency swaps – receipts	202.7	(2,673.0)	(641.9)	(494.5)	(983.6)	(553.0)
Cross-currency swaps – payments		3,009.3	765.3	551.9	1,100.0	592.1
	204.2	337.8	124.9	57.4	116.4	39.1
Total financial liabilities	4,299.7	4,913.7	1,739.5	622.2	1,239.3	1,312.7

1 Under IFRS 7, contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet

Fair values and fair value hierarchy

Valuation techniques use observable market data where it is available and rely as little as possible on entity-specific estimates.

The fair values of interest rate swaps and forward exchange contracts are measured using discounted cash flows. Future cash

flows are based on forward interest/exchange rates (from observable yield curves/forward exchange rates at the end of the

reporting period) and contract interest/forward rates, discounted at a rate that reflects the credit risk of the counterparties.

Financial instruments that are measured subsequently to initial recognition at fair value are grouped into Levels 1 to 3,

based on the degree to which the fair value is observable, as follows:

Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets

or liabilities.

Level 2 fair value measurements are those derived from inputs, other than quoted prices included within Level 1, that are

observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).

Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that

are not based on observable market data (unobservable inputs), such as internal models or other valuation methods. Level 3

balances for contingent consideration, other investments and convertible bonds use future cash flow forecasts to determine

the fair value, with the fair value of deferred consideration balances taken as the receivable amount less any provision.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

186

Informa Annual Report and Accounts 2025

F inancial assets and liabilities measured at fair value in the Consolidated Balance Sheet and their categorisation in the fair

value hierarchy 31 December 2025 and 31 December 2024:

	Level 1	Level 2	Level 3	Total
	2025	2025	2025	2025
	£m	£m	£m	£m
Financial assets
Derivative financial instruments in designated hedge accounting relationships 1	–	79.9	–	79.9
Cash and cash equivalents measured at fair value	11.0	–	–	11.0
Other investments (Note 19)	–	40.0	78.6	118.6
Financial liabilities at fair value through profit or loss and through equity	11.0	119.9	78.6	209.5
Unhedged derivative financial instruments	–	2.2	–	2.2
Derivative financial instruments in designated hedge accounting relationships 1	–	4.5	–	4.5
Deferred consideration on acquisitions	–	–	3.4	3.4
Contingent consideration on acquisitions (Note 31)	–	–	30.4	30.4
	–	6.7	33.8	40.5

1 Amounts relate to cross-currency interest rate swaps associated with Euro Medium Term Notes (see Notes 23 and 27)

	Level 1	Level 2	Level 3	Total
	2024	2024	2024	2024
Financial assets	£m	£m	£m	£m
Unhedged derivative financial instruments	–	0.1	–	0.1
Investments (Note 26)	–	61.8	–	61.8
Cash and cash equivalents measured at fair value	1.6	–	–	1.6
Other investments (Note 19)	–	27.6	158.9	186.5
Financial liabilities at fair value through profit or loss and through equity	1.6	89.5	158.9	250.0
Unhedged derivative financial instruments	–	1.5	–	1.5
Derivative financial instruments in designated hedge accounting relationships 1	–	202.7	–	202.7
Deferred consideration on acquisitions	–	–	8.6	8.6
Contingent consideration on acquisitions (Note 31)	–	–	46.3	46.3
	–	204.2	54.9	259.1

1 Amounts relate to cross-currency interest rate swaps associated with Euro Medium Term Notes (see Notes 23 and 27)

Fair value of other financial instruments (unrecognised)

The Group also has a number of financial instruments which are not measured at fair value in the Consolidated Balance

Sheet. For the majority of these instruments, the fair values are not materially different to their carrying amounts, since the

interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant

differences were identified for the following instruments at 31 December 2025 and 31 December 2024:

	Carrying	Estimated	Carrying	Estimated
	amount	fair value	amount	fair value
	31 December	31 December	31 December	31 December
	2025	2025	2024	2024
Financial liabilities	£m	£m	£m	£m
Bond borrowings	3,005.4	3,000.0	2,881.9	2,850.5
Total	3,005.4	3,000.0	2,881.9	2,850.5

187

Informa Annual Report and Accounts 2025

Financial StatementsGS A

34. Retirement benefit schemes

(a) Charge to operating profit

The charge to operating profit for the year in respect of pensions, including both defined benefit and defined contribution

schemes, was £31.5m (2024: £29.7m).

(b) Defined benefit schemes – strategy

The Group operates four (2024: five) defined benefit pension schemes (the Group Schemes): the Informa Final Salary

Scheme (Informa FSS), the Taylor & Francis Group Pension and Life Assurance Scheme (T&F GPS), the UBM Pension Scheme

(UBMPS) and the United Newspapers Executive Pension Scheme (UNEPS). These are for qualifying UK colleagues and

provide benefits based on final pensionable pay. During the year, the Group entered into an agreement with an insurer to

buy-out the defined benefit obligations for the Group’s defined benefit scheme in the US, the Penton Inc. Retirement Plan.

Under IAS 19, as at 31 December 2025, the Scheme is treated as settled, with the plan assets having been transferred to the

insurer, and the insurer now being responsible for the Scheme’s defined benefit obligations.

All of the Group Schemes are closed to future accruals. Contributions to the UK Schemes are determined following triennial

valuations undertaken by a qualified actuary using the Projected Unit Credit Method.

The Group Schemes are administered by separate funds that are legally separated from the company. The Trustees are

responsible for running the Group Schemes in accordance with the Trust Deed and Rules, which set out their powers. The

Trustees are required to act in the best interests of the beneficiaries of the Group Schemes. There is a requirement that one

third of the Trustees are nominated by the members of the Group Schemes. The Trustees of the pension funds are responsible

for the investment policy with regard to the assets of the fund. None of the Schemes have any reimbursement rights.

The Group’s pension funding policy is to provide sufficient funding, as agreed with the Trustees, to ensure any pension

deficit will be addressed to ensure pension payments made to current and future pensioners will be met. The investment

strategies adopted by the Trustees of the Group Schemes include some exposure to index-linked gilts and corporate bonds.

The current asset allocation of all schemes consists primarily of liability driven investment (LDI) funds, annuity contracts,

buy and maintain liquid credit, asset backed securities, diversified growth funds and illiquid credit funds. All assets are

managed by a third-party investment manager in consultation with the company.

Through the Group Schemes, the company is exposed to a number of potential risks as described below:

• Asset volatility: The Group Schemes’ defined benefit obligation is calculated using a discount rate set with reference to

long-dated AA corporate bond yields whereas the Group Schemes invest in other asset classes as stated above. The

investment strategies have been significantly de-risked in recent years, and the mix of assets is now expected to perform

broadly in line with corporate bonds over the long-term. However, the Group Schemes’ assets may perform better or

worse than the liabilities in the short-term

• Changes in bond yields: A decrease in corporate bond yields would increase the Group Schemes’ defined benefit

obligation; however, this would be partially offset by an increase in the value of the Schemes’ bond holdings

• Inflation risk: A significant proportion of the Group Schemes’ defined benefit obligation is linked to inflation; therefore, higher

inflation will result in a higher defined benefit obligation (subject to caps for the Group Schemes). The majority of the Group

Schemes’ assets target being fully hedged against inflation; therefore, an increase in inflation is not expected to impact the surplus

• Life expectancy: If the Group Schemes’ members live longer than expected, the Group Schemes’ benefits will need to be

paid for longer, increasing the Group Schemes’ defined benefit obligations

The Trustees and the company manage risks in the Group Schemes through the following strategies:

• Diversification: Investments are well diversified, such that the failure of any single investment would not have a material

impact on the overall level of assets

• Investment strategy: The Trustees are required to review their investment strategy on a regular basis

There are three categories of pension scheme members:

• Employed deferred members: Currently employed by the company

• Deferred members: Former colleagues of the company

• Pensioner members: In receipt of pension

The defined benefit obligation is valued by projecting the best estimate of future benefit payments (allowing for future

salary increases for employed deferred members, revaluation to retirement for deferred members and annual pension

increases for members) and then discounting to the Consolidated Balance Sheet date. Members receive increases to their

benefits linked to inflation (subject to caps for the Group Schemes). The valuation method used for all Schemes is known as

the Projected Unit Credit Method.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

188

Informa Annual Report and Accounts 2025

The approximate overall duration of the Group Schemes’ defined benefit obligation as at 31 December 2025 was as follows:

		2025			2024
	Informa FSS	UBMPS and		Informa FSS	UBMPS and
	and T&F	UNEPS	Penton	and T&F	UNEPS	Penton
	Schemes	Schemes	Scheme 1	Schemes	Schemes	Schemes
Overall duration (years)	13	11	n/a	14	11	10

1 The Group no longer has an obligation to the Penton Inc. Retirement Plan as at 31 December 2025

The assumptions which have the most significant effect on the results of the IAS 19 valuation for the Schemes are those

relating to the discount rate, the rates of price inflation, salaries, and pensions and life expectancy. The main assumptions

adopted are:

		2025			2024
	Informa FSS	UBMPS and		Informa FSS	UBMPS and
	and T&F	UNEPS	Penton	and T&F	UNEPS	Penton
	Schemes	Schemes	Scheme 1	Schemes	Schemes	Schemes
Discount rate	5.40%	5.40%	n/a	5.35%	5.35%	5.35%
Rate of price inflation	2.30% (CPI)	2.30% (CPI)	n/a	2.65% (CPI)	2.65% (CPI)	n/a
	2.80% (RPI)	2.80% (RPI)	n/a	3.20% (RPI)	3.20% (RPI)	n/a
Rate of increase for deferred pensions	2.30%	2.30%	n/a	2.65%	2.65%	n/a
Rate of increase for pensions in payment	1.85%–3.60% 1.85%–3.60%		n/a	1.95%–3.75%	1.95%–3.75%	n/a
Life expectancy:
For an individual aged 65 – male (years)	86	87	n/a	86	86	85
For an individual aged 65 – female (years)	89	88	n/a	88	88	87

1 The Group no longer has an obligation to the Penton Inc. Retirement Plan as at 31 December 2025

For the Group Schemes, mortality assumptions used in the IAS 19 valuations are taken from tables published by Continuous

Mortality Investigation (CMI). The UBMPS Scheme uses 100%/108% (male/female) of the ‘SAPS’ S3 Pensioner tables (2024: no

changes since previous year end) based on the year of birth, the Informa FSS Scheme uses ‘SAPS’ S3 Pensioner tables with a

scaling factor of 100% (2024: no change since previous year end), the T&F GPS Scheme uses ‘SAPS’ S3 Middle tables with a

scaling factor of 100% (2024: no change since previous year end) and the UNEPS Scheme uses the ‘SAPS’ S3 Normal Very

Light tables with a scaling factor of 100% (2024: ‘SAPS’ S3 Normal tables with a scaling factor of 100%). All Schemes use life

expectancy improvements taken from CMI 2024 (2024: CMI 2023) with an initial addition parameter of 0% (2024: 0%), a

half-life parameter of 0.5 (2024: n/a – a new parameter for CMI 2024, replacing the previous weighting parameter from the

CMI 2023 model) and a long-term rate of improvement of 1.25% (2024: 1.00%).

(d) Defined benefit schemes – individual defined benefit scheme details

	Informa FSS	T&F GPS	UBMPS	UNEPS
Latest valuation date	31.03.2023	30.09.2023	31.03.2023	05.04.2023
Funding surplus at valuation date 1	£11.5m	£1.5m	£36.1m	£0.8m

1 At the latest valuation date, all schemes are in a funding surplus; hence, no recovery plans are in place

The sensitivities regarding the principal assumptions used to measure the IAS 19 pension scheme liabilities as at

31 December 2025 are set out below:

			Increase in scheme liabilities
	Informa FSS	T&F GPS	UBMPS	UNEPS
31 December 2025	£m	£m	£m	£m
Discount rate – Decrease by 1.00%	9.3	2.0	31.2	0.9
Rate of price inflation pre-retirement – Increase by 1.00%	6.6	1.0	11.2	1.0
Life expectancy – Increase by 1 year	1.7	0.6	11.6	1.7
31 December 2024
Discount rate – Decrease by 1.00%	9.5	2.0	31.7	1.0
Rate of price inflation pre-retirement – Increase by 1.00%	6.3	1.2	10.5	1.1
Life expectancy – Increase by 1 year	1.7	0.5	11.3	2.0

189

Informa Annual Report and Accounts 2025

Financial StatementsGS A

34. Retirement benefit schemes continued

Sensitivities have been prepared using the same approach as 2024. The above sensitivity analyses are based on a change in

an assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in

some assumptions may be correlated. Should discount and inflation rates fluctuate by a different rate to those disclosed,

the impact can be linearly interpolated.

Amounts recognised in respect of these defined benefit schemes are as follows:

	2025	2024
Recognised in profit before tax	£m	£m
Administrative expenses	2.0	0.9
Interest income on net pension surplus (Note 11)	(2.3)	(1.9)

	2025	2024
Recognised in the Consolidated Statement of Comprehensive Income	£m	£m
Actuarial loss on scheme assets	(8.6)	(37.5)
Experience loss	(2.6)	(4.6)
Change in irrecoverable element of pension surplus	2.4	11.0
Change in demographic actuarial assumptions	(6.6)	0.4
Change in financial actuarial assumptions	9.9	29.7
Total recognised in the Consolidated Statement of Comprehensive Income	(5.5)	(1.0)

	2025	2024
Movement in net surplus during the year	£m	£m
Net surplus in Schemes at beginning of the year (before irrecoverable element of pension surplus)	60.2	68.9
Past service credit and administrative expenses	(2.0)	(0.9)
Net finance income	3.3	3.2
Actuarial loss	(7.9)	(12.0)
Deficit recovery contributions from the employer to the Schemes	6.5	1.1
Effect of movement in foreign currencies	–	(0.1)
Net surplus in Schemes at end of the year (before irrecoverable element of pension surplus)	60.1	60.2
Irrecoverable element of pension surplus	(16.0)	(17.5)
Net surplus in Schemes at end of the year after irrecoverable element of pension surplus	44.1	42.7

Amounts recognised in the Consolidated Balance Sheet in respect of the Group Schemes are as follows:

	2025	2024
	£m	£m
Present value of defined benefit obligations	(401.4)	(439.9)
Fair value of Scheme assets	461.5	500.1
Irrecoverable element of pension surplus	(16.0)	(17.5)
Net surplus	44.1	42.7
Reported as:
Retirement benefit surplus recognised in the Consolidated Balance Sheet	44.1	48.5
Deficit in scheme and liability recognised in the Consolidated Balance Sheet	–	(5.8)
Net surplus	44.1	42.7

Changes in the present value of defined benefit obligations are as follows:

	2025	2024
	£m	£m
Opening present value of defined benefit obligation at 1 January	(439.9)	(478.2)
Interest cost	(22.5)	(21.2)
Benefits paid	45.7	34.3
Actuarial gain	0.7	25.6
Effect of settlement	13.3	–
Effect of movement in foreign currencies	1.3	(0.4)
Closing present value of defined benefit obligation at 31 December	(401.4)	(439.9)

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

190

Informa Annual Report and Accounts 2025

Changes in the fair value of Scheme assets are as follows:

	2025	2024
	£m	£m
Opening fair value of Scheme assets at 1 January	500.1	547.1
Return on Scheme assets	25.7	24.4
Actuarial loss	(8.6)	(37.5)
Benefits paid	(45.7)	(34.3)
Other payments from Schemes	(2.3)	(0.9)
Contributions from the employer to the Schemes	6.5	1.1
Effect of settlement	(13.0)	–
Effect of movement in foreign currencies	(1.2)	0.2
Closing fair value of Scheme assets at 31 December	461.5	500.1

On 10 December 2025, the Informa Final Salary Scheme and the Taylor & Francis Group Pension and Life Assurance Scheme

purchased buy-in policies with The Prudential Assurance Company Limited. The majority of the assets of the Informa Final

Salary Scheme and the Taylor & Francis Group Pension and Life Assurance Scheme are therefore held in annuity contracts. A

small proportion of assets are held in illiquid credit funds with Partners Group with the remaining assets being held in cash.

The assets of the UBM Pension Scheme are held in buy and maintain bonds, bespoke LDI funds and asset backed securities

with Legal & General Investment Management Limited (LGIM), real return funds with Newton Investment Management

Limited, a property fund with Aviva Investors Jersey Unit Trusts, an illiquid credit fund with M&G, annuities to cover a small

number of pension members and cash.

The assets of the United Newspapers Executive Pension Scheme assets are held in an insurance buy-in policy with Aviva Life

& Pensions UK Limited and a Sterling Liquidity Fund with LGIM.

The fair values of the assets held are as follows:

	Informa FSS	T&F GPS	UBMPS	UNEPS	Penton	Total
31 December 2025	£m	£m	£m	£m	£m 1	£m
Equities	–	–	–	–	n/a	–
Bonds and gilts	–	–	–	–	n/a	–
Property funds	–	–	9.1	–	n/a	9.1
Asset backed securities	–	–	44.5	–	n/a	44.5
Diversified growth fund	–	–	35.7	–	n/a	35.7
Illiquid credit funds	0.3	–	33.4	–	n/a	33.7
LDI funds	–	–	122.8	–	n/a	122.8
Buy and maintain liquid credit	–	–	98.4	–	n/a	98.4
Annuity contracts	64.2	16.7	2.9	14.9	n/a	98.7
Cash	8.1	1.3	7.8	1.4	n/a	18.6
Total	72.6	18.0	354.6	16.3	n/a	461.5

1 The Group no longer has an obligation to the Penton Inc. Retirement Plan as at 31 December 2025

	Informa FSS	T&F GPS	UBMPS	UNEPS	Penton	Total
31 December 2024	£m	£m	£m	£m	£m	£m
Equities	13.4	3.0	–	–	–	16.4
Bonds and gilts	20.8	4.8	106.1	–	11.0	142.7
Property funds	9.8	2.4	34.5	–	–	46.7
Diversified growth fund	5.5	1.3	43.9	–	–	50.7
Illiquid credit funds	0.6	0.2	44.0	–	–	44.8
Bespoke funds (LDI and hedge funds)	22.0	4.9	118.2	–	0.7	145.8
Annuity contracts	–	–	3.1	14.9	–	18.0
Cash	9.4	2.9	11.2	1.3	10.2	35.0
Total	81.5	19.5	361.0	16.2	21.9	500.1

All the assets listed above have a quoted market price in an active market, with the exception of illiquid credit funds, LDI

funds, annuities, property and cash. The Group Schemes’ assets do not include any of the Group’s own financial

instruments, nor any property occupied by, or other assets used by, the Group.

191

Informa Annual Report and Accounts 2025

Financial StatementsGS A

35. Share capital and share premium

Share capital

Share capital as at 31 December 2025 amounted to £1.3m (2024: £1.3m). For details of options issued over the company’s

shares see Note 9.

		2025	2024
Issued, authorised and fully paid		£m	£m
1,287,469,671	(2024: 1,330,244,733) ordinary shares of 0.1p each	1.3	1.3

	2025	2024
	Number of	Number of
	shares	shares
At 1 January	1,330,244,733	1,368,029,699
Issue of new shares to Employee Share Trust	–	8,860,000
Issue of shares	71,437	4,397,622
Share buyback	(42,846,499)	(51,042,588)
At 31 December	1,287,469,671	1,330,244,733

The Group issued 71,437 new ordinary shares of 0.1p each on 3 February 2025 as consideration for the acquisition of TM

Events S.à.r.l., parent company of the Top Marques brand.

During 2025, the Group bought back 42,846,499 ordinary shares (2024: 51,042,588) at the nominal value of 0.1p for a total

consideration of £352.3m (2024: £424.2m) and cancelled 42,846,499 ordinary shares (2024: 51,554,769) including nil (2024: 512,181)

shares that had been bought in the prior year and settled and cancelled in 2025 for consideration of £nil (2024: £4.0m).

Share premium

	2025	2024
	£m	£m
At 1 January	1,878.6	1,878.6
Issued in the year	0.6	–
At 31 December	1,879.2	1,878.6

36. Other reserves

				Employee
				Share Trust
	Reserves for			and	Cash flow	Cost of
	shares to be	Merger	Other	ShareMatch	hedging	hedging
	issued	reserve	reserve	shares	reserve	reserve	Total
	£m	£m	£m	£m	£m	£m	£m
At 1 January 2024	31.6	4,299.1	(2,246.8)	(20.9)	32.1	(4.5)	2,090.6
Fair value movements on derivatives
in hedging relationships	–	–	–	–	13.2	(1.2)	12.0
Share award expense (equity-settled)	20.6	–	–	–	–	–	20.6
Issue of share capital	–	37.5	–	–	–	–	37.5
Shares for Trust purchase	(5.4)	–	–	–	–	–	(5.4)
Transfer of vested LTIPs	(12.9)	–	–	–	–	–	(12.9)
Share buyback (Note 32)	–	–	90.9	–	–	–	90.9
Transfer to realised profit 1	(4.0)	–	–	–	–	–	(4.0)
Transactions with non-controlling interests	–	–	(0.6)	–	–	–	(0.6)
Remeasurement of put call options	–	–	(1.8)	–	–	–	(1.8)
At 31 December 2024	29.9	4,336.6	(2,158.3)	(20.9)	45.3	(5.7)	2,226.9
Fair value movements on derivatives
in hedging relationships	–	–	–	–	(45.2)	1.8	(43.4)
Share award expense (equity-settled)	40.0	–	–	–	–	–	40.0
Shares for Trust purchase	(6.3)	–	–	–	–	–	(6.3)
Transfer of vested LTIPs	(13.0)	–	–	–	–	–	(13.0)
Remeasurement of put call options	–	–	0.4	–	–	–	0.4
At 31 December 2025	50.6	4,336.6	(2,157.9)	(20.9)	0.1	(3.9)	2,204.6

1 Relates to the IFRS 2 reserve for the MIP scheme transferred to realised profit as part of the Curinos disposal

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

192

Informa Annual Report and Accounts 2025

Reserve for shares to be issued

This reserve relates to LTIP and MEP share awards granted to colleagues and reduced by the transferred and vested awards.

Further information is set out in Note 9.

Merger reserve

In 2004, the merger of Informa PLC and Taylor & Francis Group plc resulted in a merger reserve amount of £496.4m

being recorded.

On 2 November 2016, the Group acquired Penton Information Services and the £82.2m share premium on the shares issued

to the vendors was recorded as an increase in the merger reserve in accordance with the merger relief rules of the

Companies Act 2006.

There were 427,536,794 shares issued on 15 June 2018 in connection with the acquisition of UBM plc, which at the

acquisition-date closing share price of 829p resulted in an increase in the merger reserve of £3,544.6m. From 19 July 2018 to

13 December 2018, there were 256,689 shares issued in connection with the satisfaction of Save As You Earn (SAYE) awards

in the UBM business, which resulted in an increase in the merger reserve of £2.2m.

On 17 April 2023, the Group acquired Tiger Acquisitions (Jersey) Limited, the parent company of Tarsus Group Limited and

issued 25,957,663 shares, resulting in an increase in the merger reserve of £169.8m.

On 1 September 2023, the Group issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte Limited in

relation to the acquisition of Canalys, resulting in an increase to the merger reserve of £3.9m.

On 16 May 2024, the Group issued 4,397,622 shares as deferred consideration for the acquisition of the Tarsus group of

companies, resulting in an increase in the merger reserve of £37.5m.

Other reserve

The other reserve includes the inversion accounting reserve of £2,189.9m which was created from an issue of shares under a

Scheme of Arrangement in May 2014.

Employee Share Trust and ShareMatch shares

As at 31 December 2025, the Informa Employee Share Trust held 4,930,814 (2024: 7,518,844) ordinary shares in the company

at a market value of £43.6m (2024: £60.0m). As at 31 December 2025, the ShareMatch scheme held 2,778,530

(2024: 2,316,743) matching ordinary shares in the company at a market value of £24.6m (2024: £18.5m). At 31 December

2025, the Group held 0.6% (2024: 0.7%) of its own called-up share capital.

Cost of hedging reserves

The cash flow hedging reserve and cost of hedging reserve arise from the Group’s hedging arrangements, as described in

Note 33.

193

Informa Annual Report and Accounts 2025

Financial StatementsGS A

37. Non-controlling interests

The Group has subsidiary undertakings where there are non-controlling interests. At 31 December 2025, these non-

controlling interests were composed entirely of equity interests and represented the following holding of minority shares by

non-controlling interests:

• APLF Limited (40%, 2024: 40%)

• BrightTALK Limited (41.71%, 2024: 41.71%)

• BrightTALK, Inc. (41.71%, 2024: 41.71%)

• Canalys Economic Information Consulting (Shanghai) Co., Ltd (41.71%, 2024: 41.71%)

• Canalys Pte. Ltd. (41.71%, 2024: 41.71%)

• Canalys Solutions and Experiences Private Limited (41.71%, 2024: 41.71%)

• Canalys.com Ltd (41.71%, 2024: 41.71%)

• Canalys.com, Inc. (41.71%, 2024: 41.71%)

• CCA Limited (45%, 2024: 45%)

• China International Exhibitions Co., Ltd (30%, 2024: 30%)

• Colwiz Pakistan (0.02%, 2024: 0.02%)

• Cosmoprof Asia Limited (50%, 2024: 50%)

• E-Magine Media SAS (41.71%, 2024: 41.71%)

• Fort Lauderdale Convention Services, Inc. (10%, 2024: 10%)

• GKT Events LLC (n/a, 2024: 25%)

• Global Exhibition and Conference Joint Stock Company (30.03%, 2024: 30.03%)

• Global Media Payments, Inc. (10.3%, 2024: 10.3%)

• Guangzhou Citiexpo Jianke Exhibition Co., Ltd. (40%, 2024: 40%)

• Guangzhou Sinobake International Exhibition Co., Ltd. (65%, 2024: 65%)

• Health Connect Partners Inc. (40%, 2024: 40%)

• Hong Kong SinoExpo Informa Markets Limited (30%, 2024: 30%)

• Hudson MX Holdings, Inc. (10.3%, 2024: 10.3%)

• Hudson MX Limited (10.3%, 2024: 10.3%)

• Hudson MX, Inc. (10.3%, 2024: 10.3%)

• Industry Dive, Inc (41.71%, 2024: 41.71%)

• Industry Dive, Ltd (41.71%, 2024: 41.71%)

• Informa and Tharawat W.L.L. (51%, 2024: 51%)

• Informa Baiwen Exhibitions (Hangzhou) Co., Ltd (40.5%, 2024: 40.5%)

• Informa Data Service (Shanghai) Co., Ltd. (41.71%, 2024: 41.71%)

• Informa Intelligence G.K. (41.71%, 2024: 41.71%)

• Informa Intrepid Holdings Inc (41.71%, 2024: 41.71%)

• Informa Marine Holdings, Inc. (10%, 2024: 10%)

• Informa Markets Art, LLC (10%, 2024: 10%)

• Informa Markets BN Co. Ltd. (40%, 2024: 40%)

• Informa Markets KOAMI Co. Ltd (40%, 2024: 40%)

• Informa Tech (Shanghai) Co., Ltd. (70.27%, 2024: 70.27%)

• Informa Tech Founders Limited (45%, 2024: 45%)

• Informa Tech Germany GmbH (41.71%, 2024: 41.71%)

• Informa Tech Holdings Limited (41.71%, 2024: 41.71%)

• Informa Tech Korea Co. Ltd (41.71%, 2024: 41.71%)

• Informa Tech LLC (41.71%, 2024: 41.71%)

• Informa Tech MMS (US) LLC (41.71%, 2024: 41.71%)

• Informa Tech MMS LLC (41.71%, 2024: 41.71%)

• Informa Tech Research Limited (41.71%, 2024: 41.71%)

• Informa Tech Taiwan Limited (41.71%, 2024: 41.71%)

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

194

Informa Annual Report and Accounts 2025

• Informa Telecoms & Media Limited (41.71%, 2024: 41.71%)

• Informa Tianyi Exhibitions (Chengdu) Co., Ltd (40%, 2024: 40%)

• Informa Wiener Exhibition (Chengdu) Co., Ltd (40%, 2024: 40%)

• ITF2 Limited (n/a, 2024: 45%)

• Marketworks Datamonitor (Pty) Ltd (41.71%, 2024: 41.71%)

• Monaco Yacht Show S.A.M. (10%, 2024: 10%)

• Netline Corporation (41.71%, 2024: 41.71%)

• Ovum Pty Ltd (41.71%, 2024: 41.71%)

• PEPTarsus Corporation (24%, 2024: 49%)

• Piattaforma LLC (40%, 2024: 40%)

• PT Tarsus Indonesia SEA (33%, 2024: 33%)

• PT UBM Pameran Niaga Indonesia (33%, 2024: 33%)

• Sada Uzmanlik Fuarlari A.S. (40%, 2024: 40%)

• SCBE Exhibitions (Shenzhen) Co., Ltd. (n/a, 2024: 42.2%)

• Scuba Holdings, Inc (41.71%, 2024: 41.71%)

• Sea Asia Singapore Pte Limited (10%, 2024: 10%)

• Shanghai Baiwen Exhibitions Co., Ltd (15%, 2024: 15%)

• Shanghai IMSinoexpo Digital Services Co., Ltd. (30%, 2024: 30%)

• Shanghai Informa Markets ShowStar Exhibition Co., Ltd. (30%, 2024: 30%)

• Shanghai Meisheng Culture Broadcasting Co., Ltd. (15%, 2024: 15%)

• Shanghai SinoExpo Informa Markets International Exhibitions Co., Ltd. (30%, 2024: 30%)

• Shanghai Yingye Exhibitions Co., Ltd. (40%, 2024: 40%)

• Shenzhen Informa Markets Herong Exhibition Co., Ltd. (30%, 2024: 30%)

• Shenzhen Shengshi Jiuzhou Exhibition Co., Ltd. (25%, 2024: 25%)

• Southern Convention Services, Inc. (10%, 2024: 10%)

• Tahaluf Events Limited (49%, 2024: 49%)

• Tarsus Bodysite LLC (51%, 2024: 40%)

• Tarsus Map LLC (30%, 2024: 30%)

• TechTarget (Australia) Pty. Limited (41.71%, 2024: 41.71%)

• TechTarget (Hong Kong) Limited (41.71%, 2024: 41.71%)

• TechTarget (Singapore) Pte. Limited (41.71%, 2024: 41.71%)

• TechTarget Germany GmbH (41.71%, 2024: 41.71%)

• TechTarget Holdings, Inc (41.71%, 2024: 41.71%)

• TechTarget Limited (41.71%, 2024: 41.71%)

• TechTarget Securities Corporation (41.71%, 2024: 41.71%)

• TechTarget, Inc. (41.71%, 2024: 41.71%)

• TM Events S.à.r.l. (20.0%, 2024: n/a)

• UBM Asia (Thailand) Co., Limited (51%, 2024: 51%)

• UBM Tech Research Malaysia Sdn Bhd (41.71%, 2024: 41.71%)

• USA Beauty LLC (55%, 2024: 55%)

• Yachting Promotions, Inc. (10%, 2024: 10%)

• Zhongshan Guzhen Lighting Expo Co., Ltd. (64.3%, 2024: 64.3%)

The non-controlling interest in Informa TechTarget represents a minority shareholding of 43% on a fully diluted basis. As at

the year ended 31 December 2025, the accumulated non-controlling interest of Informa TechTarget was £257.2m

(2024: £523.8m). As of the end of the reporting period and before intercompany eliminations, Informa TechTarget’s total

assets were £872.0m (2024: £1,747.2m) and total liabilities were £273.7m (2024: £529.1m). The comparatives have been

restated for an updated allocation of tax and intangible asset balances.

195

Informa Annual Report and Accounts 2025

Financial StatementsGS A

38. Related party transactions

All transactions with related parties are conducted on an arm’s-length basis and in accordance with normal business terms.

Transactions between related parties that are Group subsidiaries are eliminated on consolidation. The related parties,

identified by the Directors, include joint ventures, associates and key management personnel, who are the Directors of the

company.

Transactions with joint ventures and associates

All transactions with joint ventures and associates are in the normal course of business. Transactions between the Group

and its joint ventures and associates are disclosed below:

	Year ended	Year ended
	31 December	31 December
	2025	2024
	£m	£m
Sales to joint ventures	(0.8)	(0.2)
Sales to associates	–	(0.8)
Purchases from joint ventures	–	0.4
Purchases from associates	–	1.2
Dividends received from joint ventures (Note 19)	2.0	1.7
Dividends received from associates (Note 19)	1.4	1.4
Other receivables owed by joint ventures	0.4	–
Trade receivables owed by joint ventures	–	0.2
Trade payables owed to joint ventures	–	(0.4)

Trade payables owed to joint ventures are settled net of trade receivables due from joint ventures 60 days after the delivery

of goods or services. There are no loans to or from joint ventures.

Transactions with key management personnel

There were no material transactions with Directors of the company during the period, except for those relating to

remuneration and shareholdings. Refer to the Directors’ Remuneration Report on page 109 and Note 8 for disclosure on

remuneration. For the purposes of IAS 24 Related Party Disclosures, Executives below the level of the company’s Board are

not regarded as related parties.

Other related party disclosures

At 31 December 2025, Informa Group companies have guaranteed the UK pension scheme liabilities of the Taylor & Francis

Group Pension and Life Assurance Scheme, the Informa Final Salary Scheme and the UBM Pension Scheme as described in

Note 34.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

196

Informa Annual Report and Accounts 2025

39. Subsidiaries

The listing below shows the subsidiary undertakings as at 31 December 2025:

			Registered
Company name	Country	Ownership	office
Datamonitor Pty Limited	Australia	100.00%	AU1
Informa Australia Pty Limited	Australia	100.00%	AU1
Centre for Asia Pacific Aviation Pty. Limited	Australia	100.00%	AU2
Centre for Aviation Pty Limited	Australia	100.00%	AU2
Informa Holdings (Australia) Pty Limited	Australia	100.00%	AU2
Ovum Pty Limited	Australia	58.29%	AU3
TechTarget (Australia) Pty Limited	Australia	58.29%	AU3
Informa Bahrain W.L.L.	Bahrain	100.00%	BA1
Informa Middle East Limited	Bermuda	100.00%	BM1
Informa Markets Ltda	Brazil	100.00%	BR1
AMB Tarsus Exhibitions (Cambodia) Pte. Ltd.	Cambodia	100.00%	CM1
Informa Canada Inc.	Canada	100.00%	CA1
Informa Tech Canada Inc.	Canada	100.00%	CA1
iNet Interactive Canada Inc.	Canada	100.00%	CA2
Informa Boats Inc.	Canada	100.00%	CA3
Afterhurst (Beijing) Information Consulting Co., Ltd.	China	100.00%	PRC1
Canalys Economic Information Consulting (Shanghai) Co., Ltd	China	58.29%	PRC2
China International Exhibitions Co., Ltd.	China	70.00%	PRC3
Guangzhou CitiExpo Jianke Exhibition Co., Ltd.	China	60.00%	PRC4
Guangzhou Sinobake International Exhibition Co., Ltd. 1	China	35.00%	PRC5
IBC Conferences and Event Management Services (Shanghai) Co., Ltd.	China	100.00%	PRC6
Informa Baiwen Exhibitions (Hangzhou) Co., Ltd	China	59.50%	PRC7
Informa Data Service (Shanghai) Co., Ltd.	China	58.29%	PRC8
Informa Enterprise Management (Shanghai) Co., Ltd.	China	100.00%	PRC9
Informa Exhibitions (Beijing) Co., Ltd.	China	100.00%	PRC10
Informa Information Technology (Shanghai) Co., Ltd.	China	100.00%	PRC11
Informa Markets China (Chengdu) Co., Ltd.	China	100.00%	PRC12
Informa Markets China (Guangzhou) Co., Ltd.	China	100.00%	PRC13
Informa Markets China (Hangzhou) Co., Ltd.	China	100.00%	PRC14
Informa Markets China (Shanghai) Co., Ltd.	China	100.00%	PRC15
Informa Markets China (Shenzhen) Co., Ltd.	China	100.00%	PRC16
Informa Tech (Shanghai) Co., Ltd. 1	China	29.73%	PRC17
Informa Tianyi Exhibitions (Chengdu) Co., Ltd.	China	60.00%	PRC18
Zhongshan Guzhen Lighting Expo Co., Ltd. 1	China	35.70%	PRC19
Shenzhen Informa Markets Herong Zhongxin Exhibition Co., Ltd.	China	100.00%	PRC20
Shanghai Baiwen Exhibitions Co., Ltd.	China	85.00%	PRC21
Shanghai IMsinoexpo Digital Services Co., Ltd.	China	70.00%	PRC22
Shanghai Informa Markets ShowStar Exhibition Co., Ltd.	China	70.00%	PRC23
Shanghai Meisheng Culture Broadcasting Co., Ltd.	China	85.00%	PRC24
Shanghai SinoExpo Informa Markets International Exhibitions Co., Ltd.	China	70.00%	PRC25
Shanghai Yingye Exhibitions Co., Ltd.	China	60.00%	PRC26
Shenzhen Shengshi Jiuzhou Exhibition Co., Ltd	China	75.00%	PRC27
Shenzhen Informa Markets Herong Exhibition Co., Ltd.	China	70.00%	PRC28
Informa Wiener Exhibitions (Chengdu) Co., Ltd.	China	60.00%	PRC29
Tarsus Exhibition (Shanghai) Co., Ltd	China	100.00%	PRC30
Tarsus Exhibition (Shenzhen) Co., Ltd	China	100.00%	PRC31
Tarsus Hope Exhibition Co., Ltd	China	100.00%	PRC32
WARC Business Information Consulting (Shanghai) Co., Ltd	China	100.00%	PRC33
Zhengzhou Tarsus Hope Exhibition Co., Ltd	China	100.00%	PRC34
Effie Cultural Dissemination (Shanghai) Co., Ltd.	China	100.00%	PRC35
Stormcliff Limited	Cyprus	100.00%	CY1
Informa Egypt LLC	Egypt	100.00%	EG1
Informa Egypt for Administrative Services LLC	Egypt	100.00%	EG2

197

Informa Annual Report and Accounts 2025

Financial StatementsGS A

39. Subsidiaries continued

				Registered
Company name		Country	Ownership	office
Euromedicom SAS		France	100.00%	FR1
Eurovir SAS		France	100.00%	FR1
New AG International S.à.r.l.		France	100.00%	FR1
Informa Events France SAS		France	100.00%	FR2
Edimer SAS		France	100.00%	FR3
E-Magine Media SAS		France	58.29%	FR4
EBD Group GmbH		Germany	100.00%	DE1
Informa Holding Germany GmbH		Germany	100.00%	DE1
Informa Tech Germany GmbH		Germany	58.29%	DE1
Taylor & Francis Verlag GmbH		Germany	100.00%	DE1
UBM Canon Deutschland GmbH		Germany	100.00%	DE1
TechTarget Germany GmbH		Germany	58.29%	DE2
APLF Limited		Hong Kong	60.00%	HK1
CCA Limited		Hong Kong	55.00%	HK1
Cosmoprof Asia Limited 1		Hong Kong	50.00%	HK1
Great Tactic Limited		Hong Kong	100.00%	HK1
Hong Kong Sinoexpo Informa Markets Limited		Hong Kong	70.00%	HK1
Informa Global Markets (Hong Kong) Limited		Hong Kong	100.00%	HK1
Informa Limited		Hong Kong	100.00%	HK1
Informa Markets Asia Group Limited		Hong Kong	100.00%	HK1
Informa Markets Asia Holdings (HK) Limited		Hong Kong	100.00%	HK1
Informa Markets Asia Limited		Hong Kong	100.00%	HK1
Informa Markets Asia Partnership		Hong Kong	100.00%	HK1
Informa Markets South China Limited		Hong Kong	100.00%	HK1
MAI Brokers (Asia & Pacific) Limited		Hong Kong	100.00%	HK1
Mills & Allen Holdings (Far East) Limited		Hong Kong	100.00%	HK1
Penton Media Asia Limited		Hong Kong	100.00%	HK1
TechTarget (Hong Kong) Limited		Hong Kong	58.29%	HK2
Informa Markets India Private Limited		India	100.00%	IN1
Taylor & Francis India Private Limited		India	100.00%	IN2
Taylor & Francis Technology Services LLP		India	100.00%	IN3
UBM Exhibitions India LLP		India	100.00%	IN4
Tarsus Exhibitions India Private Limited		India	100.00%	IN5
Canalys Solutions and Experiences Private Limited		India	58.29%	IN6
Informa Exhibitions India Private Limited		India	100.00%	IN7
PT Pamerindo Indonesia		Indonesia	100.00%	ID1
PT UBM Pameran Niaga Indonesia		Indonesia	67.00%	ID1
PT Tarsus Indonesia SEA		Indonesia	67.00%	ID2
Donytel Unlimited Company		Ireland	100.00%	IR1
F1000	Open Science Platforms Limited	Ireland	100.00%	IR1
Maypond Holdings Limited		Ireland	100.00%	IR1
Maypond Limited		Ireland	100.00%	IR1
Tanahol Unlimited Company		Ireland	100.00%	IR1
Colwiz Limited		Ireland	100.00%	IR2
UNM International Holdings Limited		Isle of Man	100.00%	IM1
Informa Global Markets (Japan) Co., Ltd		Japan	100.00%	JP1
Informa Intelligence Godo Kaisha		Japan	58.29%	JP1
Informa Markets Japan Co., Ltd		Japan	100.00%	JP2
Taylor & Francis Japan G.K.		Japan	100.00%	JP3
Informa Events Financing Limited		Jersey	100.00%	JE1
Tarsus Group Limited		Jersey	100.00%	JE1
UBM (Jersey) Limited		Jersey	100.00%	JE1
UBM Limited		Jersey	100.00%	JE1
Informa Jersey Limited		Jersey	100.00%	JE2
CMP Holdings S.à r.l.		Luxembourg	100.00%	LX1
CMP Intermediate Holdings S.à r.l.		Luxembourg	100.00%	LX1

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

198

Informa Annual Report and Accounts 2025

			Registered
Company name	Country	Ownership	office
UBM Finance S.à r.l.	Luxembourg	100.00%	LX1
UBM IP Luxembourg S.à r.l.	Luxembourg	100.00%	LX1
United Commonwealth Holdings S.à r.l.	Luxembourg	100.00%	LX1
United CP Holdings S.à r.l.	Luxembourg	100.00%	LX1
United News Distribution S.à r.l.	Luxembourg	100.00%	LX1
United Professional Media S.à r.l.	Luxembourg	100.00%	LX1
UNM Holdings S.à r.l.	Luxembourg	100.00%	LX1
Vavasseur International Holdings S.à r.l.	Luxembourg	100.00%	LX1
Informa Markets Malaysia Sdn Bhd	Malaysia	100.00%	MA1
Malaysian Exhibition Services Sdn Bhd	Malaysia	100.00%	MA1
UBM Tech Research Malaysia Sdn Bhd	Malaysia	58.29%	MA1
UBMMG Holdings Sdn Bhd	Malaysia	100.00%	MA1
AMB Tarsus Exhibitions Sdn Bhd	Malaysia	100.00%	MA2
Informa Markets, S.A.P.I. de C.V.	Mexico	100.00%	MX1
Tarsus Services, S. de R.L. de C.V.	Mexico	100.00%	MX1
Informa Monaco SAM	Monaco	100.00%	MC1
Monaco Yacht Show SAM	Monaco	90.00%	MC1
TM Events S.à r.l.	Monaco	80.00%	MC2
Myanmar Trade Fair Management Company Limited	Myanmar	100.00%	MY1
IIR South Africa B.V.	Netherlands	100.00%	NL1
Informa Europe B.V.	Netherlands	100.00%	NL1
Informa Finance B.V.	Netherlands	100.00%	NL1
Informa Markets B.V.	Netherlands	100.00%	NL1
UBM Asia B.V.	Netherlands	100.00%	NL2
Dove Medical Press (NZ) Limited	New Zealand	100.00%	NZ1
Informa Healthcare A.S.	Norway	100.00%	NO1
Colwiz Pakistan Private Limited 2	Pakistan	99.98%	PK1
UBM Exhibitions Philippines Inc	Philippines	100.00%	PH1
AMB Tarsus Exhibitions (Philippines) Corporation	Philippines	100.00%	PH2
PEPTarsus Corporation	Philippines	76.00%	PH3
Informa and Tharawat Limited 1	Qatar	49.00%	QT1
Informa Markets BN Co Ltd	Republic of Korea	60.00%	KR1
Informa Markets Korea Corporation	Republic of Korea	100.00%	KR1
Informa Markets KOAMI Co. Ltd	Republic of Korea	60.00%	KR2
Informa Tech Korea Co., Ltd	Republic of Korea	58.29%	KR3
Tahaluf Events Limited	Saudi Arabia	51.00%	KSA1
IBC Asia (S) Pte Ltd	Singapore	100.00%	SG1
Informa Exhibitions Pte Limited	Singapore	100.00%	SG1
Informa Global Markets (Singapore) Pte Limited	Singapore	100.00%	SG1
Taylor & Francis (S) Pte Ltd	Singapore	100.00%	SG1
Sea Asia Singapore Pte Limited	Singapore	90.00%	SG2
Singapore Exhibition Services (Pte) Limited	Singapore	100.00%	SG2
Tarsus (Singapore) Pte Ltd	Singapore	100.00%	SG2
Tarsus Asia Exhibitions Pte. Ltd	Singapore	100.00%	SG2
Canalys Pte. Ltd	Singapore	58.29%	SG3
Informa Events (Singapore) Pte Limited	Singapore	100.00%	SG3
TechTarget (Singapore) Pte. Limited	Singapore	58.29%	SG4
Informa South Africa (Pty) Limited	South Africa	100.00%	SA1
Marketworks Datamonitor (Pty) Ltd	South Africa	58.29%	SA2
Institute for International Research Espana S.L.	Spain	100.00%	SP1
Co-Action Publishing AB	Sweden	100.00%	SW1
Taylor & Francis AB	Sweden	100.00%	SW1
Informa IP GmbH	Switzerland	100.00%	SX1
Informa Tech Taiwan Limited	Taiwan	58.29%	TW1
Informa Events (Thailand) Co., Ltd.	Thailand	100.00%	TH1
Informa Events Holding (Thailand) Co., Ltd.	Thailand	100.00%	TH1

199

Informa Annual Report and Accounts 2025

Financial StatementsGS A

39. Subsidiaries continued

				Registered
Company name		Country	Ownership	office
Bangkok Exhibition Services Ltd		Thailand	100.00%	TH2
UBM Asia (Thailand) Co. Ltd 1		Thailand	49.00%	TH2
Informa Fuarcılık Anonim Şirketi		Turkey	100.00%	TK1
Sada Uzmanlik Fuarlari A.S		Turkey	60.00%	TK2
Informa FZE		U.A.E.	100.00%	UAE1
Informa Holdings FZE		U.A.E.	100.00%	UAE1
Informa International FZE		U.A.E.	100.00%	UAE1
Taylor & Francis FZE		U.A.E.	100.00%	UAE1
Informa Middle East Media FZ LLC		U.A.E.	100.00%	UAE2
ABI Building Data Limited		U.K.	100.00%	UK1
Afterhurst Limited		U.K.	100.00%	UK1
Blessmyth Limited		U.K.	100.00%	UK1
Boat International Business Limited		U.K.	100.00%	UK1
Boat International Group Limited		U.K.	100.00%	UK1
Boat International Media Limited		U.K.	100.00%	UK1
Bridge Event Technologies Limited		U.K.	100.00%	UK1
Canalys.com Ltd		U.K.	58.29%	UK1
CapRegen Limited		U.K.	100.00%	UK1
CapRegen Magnum Limited		U.K.	100.00%	UK1
CapRegen Nutraceuticals Limited		U.K.	100.00%	UK1
Colonygrove Limited		U.K.	100.00%	UK1
Colwiz UK Limited		U.K.	100.00%	UK1
Contagious Communications Limited		U.K.	100.00%	UK1
Crosswall Nominees Limited		U.K.	100.00%	UK1
DIVX Express Limited		U.K.	100.00%	UK1
Dove Medical Press Limited		U.K.	100.00%	UK1
Expert Publishing Medicine Ltd		U.K.	100.00%	UK1
Expert Publishing Science Ltd		U.K.	100.00%	UK1
F1000	Research Limited	U.K.	100.00%	UK1
Fairs & Exhibitions (1992) Limited		U.K.	100.00%	UK1
Fairs And Exhibitions Limited		U.K.	100.00%	UK1
Futurum Media Limited		U.K.	100.00%	UK1
GNC Media Investments Limited		U.K.	100.00%	UK1
Green Thinking (Services) Limited		U.K.	100.00%	UK1
Hirecorp Limited		U.K.	100.00%	UK1
Hudson MX Limited		U.K.	89.70%	UK1
IBC (Ten) Limited		U.K.	100.00%	UK1
IBC (Twelve) Limited		U.K.	100.00%	UK1
IIR Management Limited		U.K.	100.00%	UK1
Industry Dive, Ltd		U.K.	58.29%	UK1
Informa Connect Holdings Limited		U.K.	100.00%	UK1
Informa Connect Limited		U.K.	100.00%	UK1
Informa Cosec Limited		U.K.	100.00%	UK1
Informa Events (Europe) Limited		U.K.	100.00%	UK1
Informa Events America Holdings Limited		U.K.	100.00%	UK1
Informa Events Group Limited		U.K.	100.00%	UK1
Informa Events Limited		U.K.	100.00%	UK1
Informa Events Financing Limited		U.K.	100.00%	UK1
Informa Events P&P Limited		U.K.	100.00%	UK1
Informa Events Radio Financing Limited		U.K.	100.00%	UK1
Informa Events UK Holdings Limited		U.K.	100.00%	UK1
Informa Exhibitions Limited		U.K.	100.00%	UK1
Informa Final Salary Pension Trustee Company Limited		U.K.	100.00%	UK1
Informa Finance Australia Limited		U.K.	100.00%	UK1
Informa Finance Brazil Limited		U.K.	100.00%	UK1
Informa Finance Egypt Limited		U.K.	100.00%	UK1

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

200

Informa Annual Report and Accounts 2025

			Registered
Company name	Country	Ownership	office
Informa Finance Mexico Limited	U.K.	100.00%	UK1
Informa Finance USA Limited	U.K.	100.00%	UK1
Informa Global Markets (Europe) Limited	U.K.	100.00%	UK1
Informa Group Holdings Limited	U.K.	100.00%	UK1
Informa Group Limited	U.K.	100.00%	UK1
Informa Holdings Limited	U.K.	100.00%	UK1
Informa Investment Plan Trustees Limited	U.K.	100.00%	UK1
Informa Investments Limited	U.K.	100.00%	UK1
Informa Manufacturing Europe Limited	U.K.	100.00%	UK1
Informa Markets (Europe) Limited	U.K.	100.00%	UK1
Informa Markets (Maritime) Limited	U.K.	100.00%	UK1
Informa Markets (UK) Limited	U.K.	100.00%	UK1
Informa Markets Limited	U.K.	100.00%	UK1
Informa Overseas Investments Limited	U.K.	100.00%	UK1
Informa Prestige Holdings Limited	U.K.	100.00%	UK1
Informa Property (Colchester) Limited	U.K.	100.00%	UK1
Informa Services Limited	U.K.	100.00%	UK1
Informa Six Limited	U.K.	100.00%	UK1
Informa Tech Founders Limited	U.K.	55.00%	UK1
Informa Tech Holdings Limited	U.K.	58.29%	UK1
Informa Tech Research Limited	U.K.	58.29%	UK1
Informa Telecoms & Media Limited	U.K.	58.29%	UK1
Informa Three Limited	U.K.	100.00%	UK1
Informa UK Limited	U.K.	100.00%	UK1
Informa United Finance Limited	U.K.	100.00%	UK1
Informa US Holdings Limited	U.K.	100.00%	UK1
Light Reading UK Limited	U.K.	100.00%	UK1
LSX Limited	U.K.	100.00%	UK1
Miller Freeman Worldwide Limited	U.K.	100.00%	UK1
MRO Exhibitions Limited	U.K.	100.00%	UK1
MRO Publications Limited	U.K.	100.00%	UK1
Newlands Press Limited	U.K.	100.00%	UK1
Oes Exhibitions Limited	U.K.	100.00%	UK1
PeerJ Limited	U.K.	100.00%	UK1
Penton Communications Europe Limited	U.K.	100.00%	UK1
PNO Exhibition Investment (Dubai) Limited	U.K.	100.00%	UK1
Roamingtarget Limited	U.K.	100.00%	UK1
Solar Media Limited	U.K.	100.00%	UK1
Steel River Media Limited	U.K.	100.00%	UK1
Superyacht Media Limited	U.K.	100.00%	UK1
Tarsus AM Shows Ltd	U.K.	100.00%	UK1
Tarsus Atlantic Limited	U.K.	100.00%	UK1
Tarsus Cedar Limited	U.K.	100.00%	UK1
Tarsus China Limited	U.K.	100.00%	UK1
Tarsus Exhibitions & Publishing Limited	U.K.	100.00%	UK1
Tarsus Group Limited	U.K.	100.00%	UK1
Tarsus Holdings Limited	U.K.	100.00%	UK1
Tarsus Investments Limited	U.K.	100.00%	UK1
Tarsus Leeward Limited	U.K.	100.00%	UK1
Tarsus Luzhniki Limited	U.K.	100.00%	UK1
Tarsus Medical Limited	U.K.	100.00%	UK1
Tarsus Overseas Limited	U.K.	100.00%	UK1
Tarsus UK Holdings Limited	U.K.	100.00%	UK1
Tarsus US Limited	U.K.	100.00%	UK1
Tarsus Windward Limited	U.K.	100.00%	UK1
Taylor & Francis Books Limited	U.K.	100.00%	UK1

201

Informa Annual Report and Accounts 2025

Financial StatementsGS A

39. Subsidiaries continued

			Registered
Company name	Country	Ownership	office
Taylor & Francis Group Limited	U.K.	100.00%	UK1
Taylor & Francis Limited	U.K.	100.00%	UK1
Taylor & Francis Publishing Services Limited	U.K.	100.00%	UK1
The W.R.Kern Organisation Limited	U.K.	100.00%	UK1
Tiger Acquisitions Holding Limited	U.K.	100.00%	UK1
Tiger Acquisitions Intermediate Holding Limited	U.K.	100.00%	UK1
Tiger Acquisitions UK Limited	U.K.	100.00%	UK1
Times Aerospace Publishing Holdings Limited	U.K.	100.00%	UK1
Times Aerospace Publishing Limited	U.K.	100.00%	UK1
TU-Automotive Limited	U.K.	100.00%	UK1
Turtle Diary Limited	U.K.	100.00%	UK1
UBM (GP) No1 Limited	U.K.	100.00%	UK1
UBM International Holdings UK Societas	U.K.	100.00%	UK1
UBM Property Services Limited	U.K.	100.00%	UK1
UBM Shared Services Limited	U.K.	100.00%	UK1
UBM Trustees Limited	U.K.	100.00%	UK1
UBMG Holdings	U.K.	100.00%	UK1
UBMG Services Limited	U.K.	100.00%	UK1
United Executive Trustees Limited	U.K.	100.00%	UK1
United Trustees Limited	U.K.	100.00%	UK1
UNM Investments Limited	U.K.	100.00%	UK1
Smarter Shows Limited	U.K.	100.00%	UK2
BrightTALK Limited	U.K.	58.29%	UK3
TechTarget Limited	U.K.	58.29%	UK4
Brainweek, LLC	U.S.A.	100.00%	US1
BrightTALK, Inc.	U.S.A.	58.29%	US1
Canalys.com, Inc.	U.S.A.	58.29%	US1
Connect Biz, LLC	U.S.A.	100.00%	US1
Connect Travel, LLC	U.S.A.	100.00%	US1
Farm Progress Limited	U.S.A.	100.00%	US1
Hudson MX Holdings, Inc.	U.S.A.	89.70%	US1
Hudson MX, Inc.	U.S.A.	89.70%	US1
Industry Dive, Inc.	U.S.A.	58.29%	US1
Informa Business Media Holdings LLC	U.S.A.	100.00%	US1
Informa Business Media LLC	U.S.A.	100.00%	US1
Informa Connect USA LLC	U.S.A.	100.00%	US1
Informa Data Sources, Inc.	U.S.A.	100.00%	US1
Informa Exhibitions Holding Corp.	U.S.A.	100.00%	US1
Informa Exhibitions U.S. Construction & Real Estate, Inc.	U.S.A.	100.00%	US1
Informa Exhibitions, LLC	U.S.A.	100.00%	US1
Informa Global Sales, Inc.	U.S.A.	100.00%	US1
Informa Global Shared Services LLC	U.S.A.	100.00%	US1
Informa Ignite LLC	U.S.A.	100.00%	US1
Informa Intrepid Holdings Inc.	U.S.A.	58.29%	US1
Informa Life Sciences Exhibitions, Inc.	U.S.A.	100.00%	US1
Informa Marine Holdings, Inc.	U.S.A.	90.00%	US1
Informa Markets Art, LLC	U.S.A.	90.00%	US1
Informa Markets France, Inc.	U.S.A.	100.00%	US1
Informa Markets Holdings LLC	U.S.A.	100.00%	US1
Informa Markets Investments LLC	U.S.A.	100.00%	US1
Informa Markets Manufacturing LLC	U.S.A.	100.00%	US1
Informa Markets Medica LLC	U.S.A.	100.00%	US1
Informa Media LLC	U.S.A.	100.00%	US1
Informa Operating Holdings LLC	U.S.A.	100.00%	US1
Informa Spectrum LLC	U.S.A.	100.00%	US1
Informa Support Services, Inc.	U.S.A.	100.00%	US1

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

202

Informa Annual Report and Accounts 2025

			Registered
Company name	Country	Ownership	office
Informa Tech Holdings LLC	U.S.A.	100.00%	US1
Informa Tech LLC	U.S.A.	58.29%	US1
Informa Tech MMS LLC	U.S.A.	58.29%	US1
Informa US Beauty Holdings LLC	U.S.A.	100.00%	US1
Internet World Media, Inc.	U.S.A.	100.00%	US1
LOE Holdings, LLC	U.S.A.	100.00%	US1
Ludgate USA LLC	U.S.A.	100.00%	US1
MCI OPCO, LLC	U.S.A.	100.00%	US1
Money2020 LLC	U.S.A.	100.00%	US1
Piattaforma LLC	U.S.A.	60.00%	US1
Roast LLC	U.S.A.	100.00%	US1
Scuba Holdings, Inc.	U.S.A.	58.29%	US1
Spectrum ABM Corp.	U.S.A.	100.00%	US1
Tarsus Bodysite LLC 1	U.S.A.	49.00%	US1
Tarsus Connect, LLC	U.S.A.	100.00%	US1
Tarsus Events, LLC	U.S.A.	100.00%	US1
Tarsus Map LLC	U.S.A.	70.00%	US1
Tarsus Mexico Events, LLC	U.S.A.	100.00%	US1
Tarsus US Holdings Incorporated	U.S.A.	100.00%	US1
Taylor & Francis Group, LLC	U.S.A.	100.00%	US1
Technomic, Inc.	U.S.A.	100.00%	US1
TechTarget Holdings, Inc.	U.S.A.	58.29%	US1
TechTarget, Inc.	U.S.A.	58.29%	US1
Trade Show News Network, Inc.	U.S.A.	100.00%	US1
UBM Delaware LLC	U.S.A.	100.00%	US1
UBM Finance, Inc.	U.S.A.	100.00%	US1
UBM UK LLC	U.S.A.	100.00%	US1
USA Beauty LLC 1	U.S.A.	45.00%	US1
WARC LLC	U.S.A.	100.00%	US1
Winsight, LLC	U.S.A.	100.00%	US1
Advanstar Communications, Inc.	U.S.A.	100.00%	US2
Informa Princeton LLC	U.S.A.	100.00%	US2
Boat International Media, Inc.	U.S.A.	100.00%	US3
Fort Lauderdale Convention Services, Inc.	U.S.A.	90.00%	US3
Southern Convention Services, Inc.	U.S.A.	90.00%	US3
Yachting Promotions, Inc.	U.S.A.	90.00%	US3
Informa Business Intelligence LLC	U.S.A.	100.00%	US4
Informa USA, Inc.	U.S.A.	100.00%	US4
Health Connect Partners Inc.	U.S.A.	60.00%	US5
Informa Tech MMS (US) LLC	U.S.A.	58.29%	US6
Metabolic Medical Institute, Inc.	U.S.A.	100.00%	US7
Tarsus Cardio, Inc.	U.S.A.	100.00%	US7
Tarsus Medical Education LLC	U.S.A.	100.00%	US7
Tarsus Expositions, Inc.	U.S.A.	100.00%	US8
Medical Conferences International, Inc.	U.S.A.	100.00%	US9
Netline Corporation	U.S.A.	58.29%	US10
TechTarget Securities Corporation	U.S.A.	58.29%	US11
Global Media Payments, Inc	U.S.A.	89.70%	US12
SES Vietnam Exhibition Services Company Limited	Vietnam	100.00%	VN1
Global Exhibition and Conference Joint Stock Company	Vietnam	69.97%	VN2

1 This entity is included here as a subsidiary and in the Consolidated Financial Statements due to the circumstances of its ownership and

management, in line with the requirements of IFRS 10

2 A strike off application has been filed for this entity since the year end date

203

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Company registered office addresses

Registered
office	Registered office address
AU1	Level 4, 24 York Street, Sydney, NSW 2000, Australia
AU2	c/o LBW & Partners, Level 3, 845 Pacific Highway , Chatswood, NSW 2067, Australia
AU3	420		Elizabeth Street, Level 1, Surry Hills, Sydney, NSW 2010, Australia
BA1	Office No. 4001, 40th Floor, The United Tower, Building 316, Road 4609, Block No. 346, Manama, Bahrain
BM1			Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, HM10, Bermuda
BR1	Avenida Doutora Ruth Cardoso, 7221-22º andar, Edifício Birmann 21, Pinheiros, Sao Paulo – SP, CEP 05425-902, Brazil
CM1	Building #128, Office No. 103, 1st Floor, Russian Federation Bvld (110), Sangkat Toek Laak 1, Khan Tuolkork, Phnom Penh,
	Cambodia 120404
CA1	12th Floor, 20 Eglinton Avenue West, Yonge Eglinton Centre, Toronto, ON M4R 1K8, Canada
CA2	c/o McMillan LLP, 1500 Royal Centre, 1055 W. Georgia Street, Vancouver, BC V6E 4N7, Canada
CA3	c/o McMillan LLP, 181 Bay Street, Suite 4400, Toronto, ON M5J 2T3, Canada
PRC1	Unit 101, 1st Floor, Building 8, Yard 1, Gaolizhang Road, Haidian District, Beijing, China
PRC2	Room 501-7445, No.1566 West Yan’an Road, Changning District, Shanghai, China
PRC3	Floor 7/8, Urban Development International Tower, No. 355 Hong Qiao Road, Xu Hui District, Shanghai, 200030, China
PRC4	25/5000 Room 1403, No. 996, Xinggang East Road, Haizhu District, Guangzhou
PRC5	Room				28	07, No. 1022 East Xingang Road, Haizhu District, Guangzhou, China
PRC6	Room 2072,				2nd Floor, 124 Building, No. 960 Zhong Xing Road, Jing’an District, Shanghai, China
PRC7	Room 537, No.857 of North Shixin Road, Ningwei Street, Xiaoshan District, Hangzhou, China
PRC8	Room		Dingxi Road, Changning District, Shanghai, China		6396	No.	650
PRC9	Room 302, No.10, Lane 308, Xumin Road, Qingpu District, Shanghai
PRC10	Room 901, 902, 917a, Building A, Pacific Century Place, 2A, Worker’s Stadium North Road, Chaoyang District, Beijing 100020, China
PRC11	West-South Area Fl. 3, No. 2123 Pudong Avenue, Free Trade Zone, Shanghai, China
PRC12	China (Sichuan) Pilot Free Trade Zone, East Section of Ningbo Road, Zhengxing Street, Tianfu New District, Chengdu, China
PRC13						Room 1159-1164, China Hotel Office Tower, Liu Hua Road, Guangzhou, China
PRC14	Room 601, 6/F, Building 1 West, Huijin International Building, No. 169, Huancheng North Road, Gongshu District, Hangzhou, China
PRC15	Room 3				056, Building 8, No. 33 Guangshun Road, Changning District, Shanghai, China
PRC16	V3 East, Level 17 Daqing Building, Tian’an Shatou Street, Futian District, Shenzhen, China
PRC17	Room 501-7, 1566 West Yan’an Road, Changning District, Shanghai, China
PRC18	No. 108, Annex, Building 5, No. 2288, South Section 3, Tianfu Avenue, Jiancha Street, Tianfu New Area, Chengdu, China
PRC19						2F, Guzhen Convention & Exhibition Center, Zhongshan, Guangdong, China
PRC20	No.	150			2A5, Building 2, Zhuyue Meilin Central Plaza (North), 128 Zhongkang Road, Meidian Street, Meilin Street, Futian District,	Shenzhen, China
PRC21	Room	1010,				10F, No. 993 West Nanjing Road, Jingan District, Shanghai, China
PRC22	8/F UDIT, 355 Hong Qiao Road, Shanghai 200030, China
PRC23	Unit	901,		2		300	Huai Hai Road Central, Huangpu District, Shanghai 200021, China
PRC24	Room 101-75, No.15 Jia, No. 152 Alley, Yanchang Road, Jing’an District, Shanghai, China
PRC25	Room 608, Block A, No. 1 Building, No. 3000 Longdong Avenue, Pilot Free Trade Zone, Shanghai, China
PRC26	Room 226, Zone M, 2nd Floor, Building 1, No. 88, Huilong Road, Qingpu District, Shanghai
PRC28	Room 3509,				Zhongxing Hotel (Qianhai HOP International), No. 19, Xinghua 1st Road (Extension), Haiwang Community, Xin’an
PRC27	Subdistrict, Bao’an District, Shenzhen, China	1703	, Block C, Tairan Building, Futian District, Shenzhen, China	Room
PRC29	09, Western Tower, No. 19 Way 4, South People Road, Chengdu City, China			Room	10
PRC30	Room V1134,				11F, No. 158 Shuanglian Road, Qingpu District, Shanghai, China
PRC31	44AC-1229, Block A, NEO Lvjing Era Building, 6011 Shennan Avenue, Futian District, Shenzhen, China
PRC32	Rm D326, No. 1 – 9 Clapping Hands Incubator, Tower A, Asia Trade Plaza, No. 628 Wuluo Road, Zhongnan Road Street, Wuchang
PRC33	District, Wuhan City, Hubei Province, China				No.158 of Shuang Lian Road, Xujing Town, Qing Pu district, Shanghai, China
PRC34	Rm.	, 60 Zi Jinshan Road, Cheng District, Zhengzhou, China			2106
PRC35	Room 231, 2/F, 410 Gulang Road, Putuo District, Shanghai, China
CY1	2nd Floor, Sotiri Tofini 4, Agios Athanasios, Limassol, 4102, Cyprus
EG1	Building 12B03/B, First Floor, Cairo Festival City, New Cairo, Egypt
EG2	No.422				Enawalks, Enawalks Mall, New Cairo 1, Egypt
FR1	37 avenue de Friedland, 75008 Paris, France
FR2	5 Rue Marechal Joffre, 06400 Cannes, France
FR3	35 Rue de la Bienfaisance, 75008 Paris, France

39. Subsidiaries continued

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

204

Informa Annual Report and Accounts 2025

Registered
office	Registered office address
FR4	29 rue du Colisee, 75008 Paris, France
DE1	Kaufingerstraße 24, 80331 Munich, Germany
DE2	c/o RPI Roehm & Partner, Elsenheimerstr.7, 80687 Munich, Germany
HK1	Room 810, Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong
HK2	Room	5705, 57/F The Center, 99 Queen’s Road, Central, Hong Kong
IN1	Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru Hargovindji Marg, Chakala, Andheri East, Mumbai 400093, India
IN2	2nd & 3rd floor, The National Council of YMCAs of India, 1 Jai Singh Road, New Delhi 110001, India
IN3	1st Floor, Tower C, Global Technology Park, Bellandur, Outer Ring Road, Bengaluru 560103, India
IN4	5th Floor, B Wing, Unit Number 1 & 2, Times Square Building, Andheri Kurla Road, Marol, Mumbai, Maharashtra 400059, India
IN5	9 Mathura Road, Jangpura-B, New Delhi 110014, India
IN6	58 Bowring Hospital Road, Shivaji Nagar Bangalore, Bangalore, Karnataka 560051, India
IN7	205, 2nd Floor, Harsh Bhawan, B.N. 64-65, Nehru Place, New Delhi 110019, India
ID1	Menara Jamsostek Utara, Lantai 12 Unit 12-04, Jalan Jendral Gatot Subroto No. 38, Jakarta 12710, Indonesia
ID2	Intiland Tower, 19th Floor Jalan Jendral Sudirman No.32, Jakarta Pusat, 10220, Indonesia
IR1	68 Merrion Square, Dublin 2, D02 W983, Ireland
IR2	70 Sir John Rogerson’s Quay, Dublin 2, Ireland
IM1	First Names House, Victoria Road, Douglas, Isle of Man IM2 4DF
JP1	21F, Otemachi Financial City North Tower, 1-9-5 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
JP2	Kanda 91 Building, 1-8-3 Kajicho, Chiyoda-ku, Tokyo , 101-0044, Japan
JP3	9th Floor, JHV Building 1-54-4, Kanda Jimbocho, Chiyoda-ku, Tokyo, 101-0051, Japan
JE1	44 Esplanade, St Helier, JE4 9WG, Jersey
JE2	22 Grenville Street, St Helier JE4 8PX, Jersey
LX1	21 – 25 Allee Scheffer, L-2520, Luxembourg
MA1	Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia
MA2	41B Damai Complex, Jalan Datuk Haji Eusoff, Kuala Lumpur, 50400 Wilayah Persekutuan, Malaysia
MX1	Lago Alberto 319, 901-A, Colonia Granada, Delegación Miguel Hidalgo, Mexico City 11520, Mexico
MC1	Le Suffren, 7 rue Suffren-Reymond, Monaco 98000
MC2	41 avenue Hector Otto, Le Patio Palace, Monaco 98000
MY1	No. 3/A, # 14-00 Junction City Tower, Bogyoke Aung San Road, Pabedan Township, Yangon Region, Myanmar
NL1	WTC, Tower Ten, 7th Floor, Strawinskylaan 763, Amsterdam 1077 XX, Netherlands
NL2	Coengebouw, Suite 8.04, Kabelweg 37, 1014 BA Amsterdam, Netherlands
NZ1	HPCA Limited, 1 ihumata Road, Milford, Auckland 0620, New Zealand
NO1	c/o Advokat Merete Bardsen, Maltrostveien2B, 0786 Oslo, Norway
PK1	Office # M-12, Beaumont Plaza, Beaumont Road, Civil Lines, Karachi, Pakistan
PH1	Unit I-121, Ground Floor, One E-com Center Ocean Drive, Mall of Asia Complex, Pasay City, Philippines
PH2	12F Times Plaza Building, United Nations Ave, Cor. Taft Avenue, Ermita, Manila 100, Philippines
PH3	517	Protacio St. Brgy, 112 Zone 12, 1300 Pasay City, Metro Manila, Philippines
QT1	Sports Accelerator – Aspire Zone, 1st Floor, Office F-14, Doha 358000, Qatar
KR1	8F, Woodo Building, 214 Mangu-ro, Jungnang-gu, Seoul 131-861, Republic of Korea
KR2	7F, Main Building, Machinery Center, 37, Eunhaeng-ro, Yeongdeungpo-gu, Seoul					07238,	Republic of Korea
KR3	S1100	2, JustCo Tower, 431 Teheran-ro, Gangnam-gu, Seoul 06159, Republic of Korea
KSA1	Office 109, 1st Floor, Aban Center, King Abdulaziz Road, Al Ghadir District, Riyadh, 13311, Saudi Arabia
SG1	230	Victoria Street, #04-06 Bugis Junction Towers, 188024 Singapore
SG2	63 Robinson Road, #06-02 Afro-Asia, 068894 Singapore
SG3	133	Cecil Street, #13-02 Keck Seng Tower, 069535, Singapore
SG4	50 Raffles Place, #16-03, Singapore Land Tower, 048623 Singapore
SA1	First Floor, Building 33, Waterford Office Park, Waterford Drive, Fourways, Gauteng 2191, South Africa
SA2	Broadacres Business Centre, Corner Cedar, 3rd Avenue Broadacres, Sandton Gauteng, Johannesburg, 2021, South Africa
SP1	Calle Azcona 36, Madrid 28028, Spain
SW1	Box	425	5,	10265	Stockholm, Sweden
SX1	Suurstoffi 37, 6343 Rotkreuz, Switzerland
TW1	Floor 10, No. 66, Second 1, Neihu Rd, Neiting District, Taipei, Taiwan
TH1	2/3 Bangna Tower A, 16F, Unit A, Moo. 14 Thep Ratana Road, Bang Kaeo Sub-District, Bang Phli District, Samut Prakarn 10540, Thailand
TH2							Ari Hills Building, 18th Floor, 428 Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok 10400, Thailand

205

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Registered
office	Registered office address
TK1	Esentepe Mah, Harman 1 Sok, Nida Kule No: 7-9 İç Kapı No: 17, Şişli, Istanbul 34394, Turkey
TK2	Mustafa Kemal Mah 2143 Sok, Gokceoglu, Plaza, No 7/4-5, Cankaya, Ankara 06510, Turkey
UAE1	Level 6, The Offices 4 – One Central, Trade Centre 2, Sheikh Zayed Road, Dubai, P.O. BOX 9428, United Arab Emirates
UAE2	17th & 18th Floor Creative Tower, P. O. Box 4422, Fujairah, United Arab Emirates
UK1	5 Howick Place, London, SW1P 1WG, United Kingdom
UK2	2nd Floor, 79-83, North Street, Brighton, BN1 1ZA, United Kingdom
UK3	15th Floor, 240 Blackfriars Road, London SE1 8BF, United Kingdom
UK4	Suite 4, 7th Floor, 50 Broadway, London SW1H 0DB, United Kingdom
US1	c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
US2	c/o Corporation Service Company, 80 State Street, Albany, NY 12207-2543, USA
US3	c/o Corporation Service Company, 1201 Hays Street, Tallahassee, FL 32301, USA
US4	c/o Corporation Service Company, 84 State Street, Boston, MA 02109, USA
US5	c/o Corporation Service Company, 2908 Poston Avenue, Nashville, TN 37203, USA
US6	c/o Corporation Service Company, 1900 W. Littleton Boulevard, Littleton, CO 80120, USA
US7	c/o Corporation Service Company, 33 East Main Street, Suite 610, Madison, WI 53703, USA
US8	c/o Corporation Service Company, 1160 Dublin Road, Suite 400, Columbus, OH 43215, USA
US9	c/o Illinois Corporation Service Company, 801 Adlai Stevenson Drive, Springfield, IL 62703, USA
US10	c/o Corporation Service Company, 2710 Gateway Oaks Drive, Suite 150N, Sacramento, CA 95833, USA
US11	c/o Robert D. Cox, Jr., Bowditch & Dewey LLP, 311 Main Street, Worcester, MA 01615, USA
US12	c/o Corporate Creations Networks Inc., 3411 Silverside Road, Tatnall Building STE 104, Wilmington, DE 19810, USA
VN1	Ha Phan Building, 17-17A-19, Ton That Tung Street, Pham Ngu Lao Ward, District 1, Ho Chi Minh City, Vietnam
VN2	Room 63A, 6th Floor FOSCO Office Building, 6 Phung Khac Khoan, Da Kao Ward, District 1, Ho Chi Minh City, Vietnam

40. Contingent liabilities and assets

At 31 December 2025, there were no contingent liabilities or contingent assets (2024: nil).

41. Segmental re-presentation

As at 31 December 2025, following the re-organisation of the Group, which was effective as of 1 January 2025, under IFRS 8

Operating Segments, the Group has five operating segments: Informa Markets, Informa Connect, Informa Festivals, Taylor &

Francis and Informa TechTarget, the results of which are reported within three reportable segments: B2B Live Events, Taylor

& Francis and Informa TechTarget.

The following changes have taken place in the Group’s segmental reporting since the year ended 31 December 2024:

• Reporting of Informa Festivals as an operating segment following the acquisition of Ascential in 2024, the reallocation of

tech-related B2B events from the previously reported Informa Tech segment and the transfer of certain events from the

Informa Markets and Informa Connect operating segments to the Informa Festivals operating segment. The results of

Ascential were reported within Other for the year ended 31 December 2024

• Reallocation of tech-related B2B events, outside of those allocated to the Informa Festivals operating segment, from the

previously reported Informa Tech operating segment to the Informa Markets and Informa Connect operating segments

• Re-presentation of the digital marketing business from the previously reported Informa Tech segment to the Informa

TechTarget segment, and the inclusion of TechTarget’s results following the acquisition of TechTarget in 2024. The results of

TechTarget were reported within Other for the year ended 31 December 2024

• Transfer of the HIMSS business from the Informa Markets operating segment to the Informa Connect operating segment

• Aggregation of the Informa Markets, Informa Connect and Informa Festivals operating segments into the B2B Live Events

reportable segment. The Group has aggregated these operating segments based on their similar economic

characteristics, together with the nature of services provided and markets served, which management has determined

meet the criteria for aggregation under IFRS 8 Operating Segments

No changes have been made to the Taylor & Francis segment.

The tables below provide a reconciliation between the Group’s previous and current segmental reporting for the year ended

31 December 2024. The segments and revenue by type results disclosed in Note 4 and Note 5 have been re-presented to

reflect these changes in segments.

39. Subsidiaries continued

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

206

Informa Annual Report and Accounts 2025

Segment revenue by type for the year ended 31 December 2024

	As previously reported
	Informa Markets	Re-presentation 1	Informa Markets
	£m	£m	£m
Exhibitor and related services	1,392.4
Sponsorship revenue	102.7
Sponsorship and exhibitor	1,495.1	23.2	1,518.3
Subscriptions	38.2	–	38.2
Transactional sales	6.0	–	6.0
Attendee revenue	88.6	(9.6)	79.0
Marketing and lead generation	95.1	1.3	96.4
Total	1,723.0	14.9	1,737.9

1 Re-presentation reflects the reallocation of certain tech-related B2B events from the previously reported Informa Tech segment to Informa

Markets, the transfer of the HIMSS business from Informa Markets to Informa Connect, and the transfer of certain events from Informa Markets to

Informa Festivals

	As previously reported
	Informa Connect	Re-presentation 1	Informa Connect
	£m	£m	£m
Exhibitor and related services	132.7
Sponsorship revenue	86.3
Sponsorship and exhibitor	219.0	52.2	271.2
Subscriptions	150.9	0.6	151.5
Transactional sales	43.3	1.0	44.3
Attendee revenue	179.3	16.7	196.0
Marketing and lead generation	38.5	(0.5)	38.0
Total	631.0	70.0	701.0

1 Re-presentation reflects the reallocation of certain tech-related B2B events from the previously reported Informa Tech segment to Informa

Connect, the transfer of the HIMSS business from Informa Markets to Informa Connect, and the transfer of certain events from Informa Connect

to Informa Festivals

	As previously reported
	Other	Re-presentation 1	Informa Festivals
	£m	£m	£m
Exhibitor and related services	9.5
Sponsorship revenue	8.0
Sponsorship and exhibitor	17.5	90.0	107.5
Subscriptions	9.5	0.3	9.8
Transactional sales	19.3	(14.3)	5.0
Attendee revenue	30.7	42.5	73.2
Marketing and lead generation	–	3.1	3.1
Total	77.0	121.6	198.6

1 Re-presentation reflects the reallocation of certain tech-related B2B events from the previously reported Informa Tech segment to Informa

Festivals, the transfer of certain events from Informa Markets and Informa Connect to Informa Festivals, and the exclusion of the results of

TechTarget, which was acquired in December 2024 and reported within Other for the year ended 31 December 2024

207

Informa Annual Report and Accounts 2025

Financial StatementsGS A

41. Segmental re-presentation continued

	As previously reported
	Informa Tech	Re-presentation 1	Informa TechTarget
	£m	£m	£m
Exhibitor and related services	98.6
Sponsorship revenue	73.4
Sponsorship and exhibitor	172.0	(165.4)	6.6
Subscriptions	54.1	(0.9)	53.2
Transactional sales 2	28.1	(1.0)	27.1
Attendee revenue 2	55.6	(54.5)	1.1
Marketing and lead generation 2	114.1	15.3	129.4
Total	423.9	(206.5)	217.4

1 Re-presentation reflects the reallocation of tech-related B2B events from the previously reported Informa Tech segment to Informa Markets,

Informa Connect and Informa Festivals, and the inclusion of the results of TechTarget, which was acquired in December 2024 and reported within

Other for the year ended 31 December 2024

2 We have further restated revenue between transactional sales (£14.3m), attendee revenue (£4.9m) and marketing and lead generation £19.2m

Segment results for the year ended 31 December 2024

	As previously reported
	Informa Markets,
	Informa Connect and
	Other 1	Re-presentation 2	B2B Live Events
	£m	£m	£m
Adjusted operating profit before joint ventures and associates	654.3	60.8	715.1
Share of adjusted results of joint ventures and associates	2.8	–	2.8
Adjusted operating profit	657.1	60.8	717.9
Intangible asset amortisation 3	(240.8)	(10.5)	(251.3)
Impairment – acquisition-related and other intangible assets	(11.4)	(0.2)	(11.6)
Impairment – right-of-use assets	(3.2)	1.0	(2.2)
Acquisition costs	(63.8)	31.4	(32.4)
Integration costs	(24.2)	0.2	(24.0)
Restructuring and reorganisation costs	(10.2)	(0.7)	(10.9)
Fair value gain on contingent consideration	10.8	–	10.8
Fair value loss on contingent consideration	(16.3)	–	(16.3)
Operating profit	298.0	82.0	380.0

1 Other comprised the results of Ascential and TechTarget for the year ended 31 December 2024

2 Re-presentation reflects the reallocation of tech-related B2B events from the previously reported Informa Tech segment into the B2B Live Events

segment, and the exclusion of the results of TechTarget, which were previously reported in Other for the year ended 31 December 2024

3 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

208

Informa Annual Report and Accounts 2025

	As previously reported
	Informa Tech	Re-presentation 1	Informa TechTarget
	£m	£m	£m
Adjusted operating profit/(loss) before joint ventures and associates	82.2	(60.8)	21.4
Share of adjusted results of joint ventures and associates	–	–	–
Adjusted operating profit/(loss)	82.2	(60.8)	21.4
Intangible asset amortisation 2	(37.1)	10.5	(26.6)
Impairment – acquisition-related and other intangible assets	(0.9)	0.2	(0.7)
Impairment – right-of-use assets	(1.5)	(1.0)	(2.5)
Acquisition costs	(0.7)	(31.4)	(32.1)
Integration costs	(17.0)	(0.2)	(17.2)
Restructuring and reorganisation (costs)/credit	(1.4)	0.7	(0.7)
Fair value gain on contingent consideration	18.7	–	18.7
Operating profit/(loss)	42.3	(82.0)	(39.7)

1 Re-presentation reflects the reallocation of tech-related B2B events from the previously reported Informa Tech segment into the B2B Live Events

segment, and the inclusion of the results of TechTarget, which were previously reported in Other for the year ended 31 December 2024

2 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development

Further information on the re-presentation of staff numbers, which is included in Note 8, is provided below:

	As previously reported	Re-presentation
		Average number
	Average number of	of	Re-presented average
	employees	employees 1	number of employees
B2B Live Events 2	8,023	640	8,663
Taylor & Francis	2,860	–	2,860
Informa TechTarget	–	1,569	1,569
Informa Tech	1,947	(1,947)	–
Other	262	(262)	–
Total	13,092	–	13,092

1 Re-presentation reflects the reallocation of tech-related B2B employees from the previously reported Informa Tech segment to Informa Markets,

Informa Connect and Informa Festivals, and the inclusion of previous employees of TechTarget, which was acquired in December 2024 and

reported within Other for the year ended 31 December 2024

2 B2B Live Events is the aggregation of Informa Markets, Informa Connect and Informa Festivals

Segment assets for the year ended 31 December 2024

	As previously reported	Re-presentation	Re-presented
	£m	£m	£m
B2B Live Events 1,2,3	8,043.2	2,289.8	10,333.0
Taylor & Francis	1,022.2	–	1,022.2
Informa TechTarget 3,4	–	1,524.1	1,524.1
Informa Tech 3	1,337.6	(1,337.6)	–
Ascential 2	1,462.9	(1,462.9)	–
TechTarget 4	1,013.4	(1,013.4)	–
Total segment assets	12,879.3	–	12,879.3
Unallocated assets	811.4	–	811.4
Total assets	13,690.7	–	13,690.7

1 B2B Live Events segment assets as previously reported comprises the following amounts: £6,699.9m for Informa Markets, £1,343.3m for Informa

Connect, and £nil for Informa Festivals

2 Assets previously reported within Ascential for the year ended 31 December 2024 have been reallocated to B2B Live Events

3 Assets relating to tech-related B2B events from the previously reported Informa Tech segment have been reallocated to the B2B Live Events and

Informa TechTarget segments

4 Assets previously reported within TechTarget for the year ended 31 December 2024 have been reallocated to the Informa TechTarget segment

209

Informa Annual Report and Accounts 2025

Financial StatementsGS A

41. Segmental re-presentation continued

Further information on the re-presentation of goodwill, which is included in Note 15, is provided below:

	As previously reported	Re-presentation	Re-presented
Goodwill carrying amount	£m	£m	£m
Informa Markets 1	4,223.2	97.2	4,320.4
Informa Connect 1	871.3	119.8	991.1
Informa Festivals 1,2	–	1,189.3	1,189.3
B2B Live Events 1,2	5,094.5	1,406.3	6,500.8
Taylor & Francis	588.2	–	588.2
Informa TechTarget 1,4	–	698.0	698.0
Informa Tech 1	835.1	(835.1)	–
Other 2,3,4	1,269.2	(1,269.2)	–
Total goodwill	7,787.0	–	7,787.0

1 Goodwill previously reported within the Informa Tech segment has been reallocated to the B2B Live Events and Informa TechTarget segments

2 Goodwill relating to Ascential, which was previously reported within Other for the year ended 31 December 2024, has been reallocated to B2B

Live Events

3 Other, as previously reported, comprised the post-acquisition values of Ascential and TechTarget, which were acquired during the year ended

31 December 2024

4 Goodwill relating to TechTarget, which was previously reported within Other for the year ended 31 December 2024, has been reallocated to the

Informa TechTarget segment

Number of CGUs	As previously reported	Re-presentation 1	Re-presented
Informa Markets	6	–	6
Informa Connect	5	–	5
Informa Festivals	–	1	1
Taylor & Francis	1	–	1
Informa TechTarget	–	1	1
Informa Tech	1	(1)	–
Other	2	(2)	–
Total goodwill	15	(1)	14

1 Ascential and TechTarget were previously reported within Other for the year ended 31 December 2024. These have been reallocated to Informa

Festivals and Informa TechTarget respectively

42. Post balance sheet events

On 19 January 2026, the Group completed its partnership with the Dubai World Trade Centre (DWTC) to launch a new

operating business, inD. This business combines Informa’s wholly-owned B2B Live Events business in the IMEA region (India,

Middle East and Africa) with DWTC’s Dubai-based B2B Live Events business to accelerate growth across the United Arab

Emirates and internationally. Informa owns a 52% equity stake in inD, which will be fully consolidated and reported within

the Informa Group. A provisional fair value exercise will be completed in the first half of the year ending 31 December 2026.

Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued

Financial Statements

210

Informa Annual Report and Accounts 2025

Parent Company Balance Sheet as at 31 December 2025

Notes

2025

£m

2024

£m

Fixed assets

Investments in subsidiary undertakings 4 7,595.9 7,581.2

Current assets

Debtors 5 6,550.8 6,280.3

Cash and cash equivalents 11.0 –

6,561.8 6,280.3

Creditors: amounts falling due within one year 6 (1,180.0) (1,236.9)

Net current assets 5,381.8 5,043.4

Total assets less current liabilities 12,977.7 12,624.6

Creditors: amounts falling due after more than one year 7 (2,735.5) (2,424.6)

Net assets 10,242.2 10,200.0

Capital and reserves

Share capital 8 1.3 1.3

Share premium 9 1,879.2 1,878.6

Reserve for shares to be issued 9 32.4 28.9

Merger reserve 9 4,713.1 4,713.1

Capital redemption reserve 9 (17.3) (17.3)

Other reserves 9 0.2 0.2

Profit and loss account 3,633.3 3,595.2

Total shareholders’ funds 10,242.2 10,200.0

Profit for the year ended 31 December 645.5 632.1

The financial statements on pages 211 to 217 of this company, registration number 08860726, were approved by the Board

of Directors and authorised for issue on 11 March 2026 and were signed on its behalf by

Stephen A. Carter Gareth Wright

Group Chief Executive Group Finance Director

211

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Parent Company Statement of Changes in Equity

for the year ended 31 December 2025

capital

£m

premium

£m

Reserve for

shares to be

issued

£m

Merger

reserve

£m

Capital

redemption

reserve

£m

Other

reserves

£m

Hedging

reserve

£m

Profit

and loss

account

£m

Total

£m

At 1 January 2024 1.4 1,878.6 27.5 4,675.6 (17.3) (90.7) (1.3) 3,622.6 10,096.4

Profit for the year – – – – – – – 632.1 632.1

Total comprehensive

income for the year – – – – – – – 632.1 632.1

Issue of shares – – – 37.5 – – – – 37.5

Share buyback (0.1) – – – – 90.9 – (424.2) (333.4)

Share award expense – – 14.3 – – – – – 14.3

Equity dividends – – – – – – – (248.2) (248.2)

Transfer of vested LTIPs – – (12.9) – – – – 12.9 –

Reclassification of hedging

reserves to profit or loss – – – – – – 1.3 – 1.3

At 31 December 2024 1.3 1,878.6 28.9 4,713.1 (17.3) 0.2 – 3,595.2 10,200.0

Profit for the year – – – – – – – 645.5 645.5

Total comprehensive

income for the year – – – – – – – 645.5 645.5

Issue of shares – 0.6 – – – – – – 0.6

Share buyback – – – – – – – (352.3) (352.3)

Share award expense – – 16.5 – – – – – 16.5

Equity dividends – – – – – – – (268.1) (268.1)

Transfer of vested LTIPs – – (13.0) – – – – 13.0 –

At 31 December 2025 1.3 1,879.2 32.4 4,713.1 (17.3) 0.2 – 3,633.3 10,242.2

Financial Statements

212

Informa Annual Report and Accounts 2025

Notes to the Parent Company Financial Statements

for the year ended 31 December 2025

1. Corporate information

Informa PLC (the company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006

and is listed on the London Stock Exchange. The company is a public company limited by shares and is registered in England

and Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG.

Principal activity and business review

Informa PLC is the Parent Company of the Informa Group (the Group) and its principal activity is to act as the ultimate

holding company of the Group.

2. Significant accounting policies

Basis of accounting

The company meets the definition of a qualifying entity under Financial Reporting Standard FRS 102 issued by the Financial

Reporting Council. The financial statements have therefore been prepared in accordance with FRS 102, the Financial

Reporting Standard applicable in the UK and Republic of Ireland as issued by the Financial Reporting Council, and the

Companies Act 2006.

As permitted by FRS 102, the company has taken advantage of the disclosure exemptions available under that standard in

relation to share-based payments, financial instruments, presentation of a cash flow statement, standards not yet effective

and related party transactions. The company has elected to adopt the recognition and measurement provisions of IFRS 9

permitted under FRS 102. The Directors’ Report, Corporate Governance Statement and Directors’ Remuneration Report

disclosures are on pages 109 to 126 of this report. The financial statements have been prepared on the historical cost basis

except for the remeasurement of certain financial instruments which are measured at fair value at the end of each reporting

period. Having assessed the principal risks and the other matters discussed in connection with the Group Viability

statement, the Directors have considered it appropriate to adopt the going concern basis of accounting in preparing the

financial statements.

The principal accounting policies adopted are the same as those set out in Note 2 to the Consolidated Financial Statements

and have been applied consistently, with the exception of the following:

• The merger reserve accounting treatment arising from the Scheme of Arrangement in 2014 and the key sources of

estimation uncertainty (Note 3)

• In accordance with the classification and presentational requirements under the Companies Act, the company has

classified amounts owed to and from Group undertakings as current within the financial statements, where they are

contractually repayable on demand

The company’s financial statements are presented in pounds sterling, being the company’s functional currency.

Profit and loss account

As permitted by section 408 of the Companies Act 2006, the company has elected not to present its own profit and loss

account or statement of comprehensive income for the year. The company’s revenue for the year is £nil (2024: £nil), and

profit after tax for the year is £645.5m (2024: £632.1m).

Share-based payment amounts that relate to employees of subsidiary Group companies are recorded as capital

contributions to the relevant Group company.

Investments in subsidiary undertakings

Investments in subsidiary undertakings are stated at cost less provision for any impairment in value.

Impairment of investments in subsidiary undertakings

At each reporting date, the company assesses the carrying amounts of its investments to determine whether there is any

indication of impairment. Where such an indication exists, the company makes an estimate of the recoverable amount. If the

recoverable amount of the investment is less than its carrying amount, the investment is written down to its recoverable

amount. Any impairment loss is immediately recognised in the profit and loss account.

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in Note 2, the Directors are required to make

judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other relevant factors. Actual

results may differ from these estimates.

213

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Notes to the Parent Company Financial Statements for the year ended 31 December 2025 continued

3. Critical accounting judgements and key sources of estimation uncertainty continued

Critical accounting judgements

There are deemed to be no critical accounting judgements in the application of the company’s accounting policies set out

above.

Estimation uncertainty

As of 31 December 2025, the company noted one key source of estimation uncertainty, details of which are outlined below.

Impairment of investments in subsidiary undertakings

Annually, the company considers whether its investments in subsidiaries are impaired. Where an indication of impairment is

identified at a cash generating unit (CGU) level, the recoverable amount of the CGU requires estimation. To estimate the

recoverable amount, the company estimates the expected future cash flows from the CGUs and discounts them to their

present value at a determined discount rate. The recoverable amount of the CGUs is a source of significant estimation

uncertainty and determining this involves the use of significant assumptions. See Note 4 for details of the key assumptions.

4. Investments in subsidiary undertakings

Cost £m

At 1 January 2024 8,166.6

Additions – other

11.5

Additions 407.0

Disposals (97.0)

At 31 December 2024 8,488.1

Additions – other

13.3

Additions

4,677.3

Disposals

(4,675.9)

At 31 December 2025 8,502.8

Accumulated impairment loss £m

At 1 January 2024 (906.9)

At 31 December 2024 (906.9)

At 31 December 2025 (906.9)

Carrying amount £m

At 31 December 2025 7,595.9

At 31 December 2024 7,581.2

1 Additions – other relates to the fair value movement on share incentives issued to employees of subsidiary undertakings

2 The company increased its investment in Informa Jersey Limited by £4,675.9m during the year. The company also acquired an investment

inTMEvents S.à.r.l. at a value of £1.4m

3 The company disposed of its investments in UBM Limited and The W.R.Kern Organisation Limited to another Group company during the year

The listing below shows the direct subsidiary undertakings as at 31 December 2025 which affected the profit or net assets of

the company:

Company Country of registration Principal activity

2025

Ordinary

shares held

2024

Ordinary

shares held

Informa Jersey Limited Jersey Holding company 100% 100%

Informa Global Sales, Inc. USA Domestic international sales corporation 100% 100%

TM Events S.à.r.l. Monaco Trading company 80% –

UBM Limited Jersey Holding company – 100%

The W.R.Kern Organisation Limited UK Holding company – 100%

During the year, the company undertook an internal Group restructuring whereby it disposed of its 100% holdings in UBM

Limited and The W.R.Kern Organisation Limited to Informa Group Holdings Limited, a wholly-owned Group entity. The

transaction was settled through an equity-for-equity exchange with no profit or loss recognised on disposal.

Details of subsidiaries controlled by the company are disclosed in the Consolidated Financial Statements (Note 39).

Financial Statements

214

Informa Annual Report and Accounts 2025

Impairment review

The company performed its annual assessment of impairment indicators for investments in subsidiaries and identified that

the carrying value of its investment in Informa Jersey Limited exceeded the subsidiary’s net asset value, and therefore the

company undertook an impairment review of its investments in subsidiary undertakings as at 31 December 2025. This

review resulted in no impairment being required.

The company performed a sensitivity analysis on the key assumptions used in the fair value less costs of disposal

impairment model. The analysis considered reasonably possible changes including a 10% reduction in cash flows, a 1%

increase in discount rates and a 0.5% decrease in long-term growth rates. Under all three scenarios, sufficient headroom

remained in the company’s investments in subsidiaries.

5. Debtors

2025

£m

2024

£m

Amounts owed from Group undertakings 6,470.4 6,279.8

Derivative financial instruments 79.9 –

Other debtors 0.5 0.5

6,550.8 6,280.3

Amounts owed from Group undertakings falling due within one year are unsecured, non-interest bearing and repayable on demand.

In accordance with IFRS 9, the amounts owed by Group undertakings have been assessed for 12-month expected credit

losses. Due to the low credit risk, the expected credit loss is considered immaterial.

Derivative financial instruments include £72.7m of cross-currency swaps over the EMTN borrowings where the company

received a fixed rate of interest on EMTN borrowings falling due after more than one year.

6. Creditors: amounts falling due within one year

2025

£m

2024

£m

Amounts owed to Group undertakings 683.3 550.5

Euro Medium Term Notes

449.8 579.8

Derivative financial instruments – 74.9

Other payables 35.5 25.1

Corporation tax 11.4 6.6

1,180.0 1,236.9

1 Stated net of arrangement fees of £0.2m (2024: £0.8m)

Amounts owed to Group undertakings falling due within one year are unsecured, non-interest bearing and repayable ondemand.

Derivative financial instruments in the prior year relate to a cross-currency swap over the EMTN borrowings where the

company received a fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and paid a fixed

rate of interest for $821.6m. At 31 December 2024, the fair value of this swap was a net financial liability of £74.9m.

The corporation tax liability of £11.4m (2024: £6.6m) relates to Pillar 2 income taxes.

7. Creditors: amounts falling due after more than one year

2025

£m

2024

£m

Euro Medium Term Notes

2,559.0 2,300.6

Revolving credit facility

172.0 (3.8)

Derivative financial instruments 4.5 127.8

2,735.5 2,424.6

1 Stated net of arrangement fees of £16.9m (2024: £15.6m)

2 Stated net of arrangement fees of £3.0m (2024: £3.8m)

The revolving credit facility was drawn on 31 December 2025 and had a gross balance of £175.0m (2024: £nil) and is stated

net of £3.0m (2024: £3.8m) arrangement fees. Interest is payable at the rate of SONIA or SOFR plus a margin.

215

Informa Annual Report and Accounts 2025

Financial StatementsGS A

7. Creditors: amounts falling due after more than one year continued

There are cross-currency swaps over the EMTN borrowings where the company receives the following:

• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest

for$588.9m

• A fixed rate of interest on €600.0m of EMTN borrowings with a maturity of October 2027 and pays a fixed rate of interest

for $655.6m

• A fixed rate of interest on €500.0m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest

for$551.6m

• A fixed rate of interest on €650.0m of EMTN borrowings with a maturity of October 2030 and pays a floating rate of

interest of SOFR plus premium for $710.2m

• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of June 2031 and pays a fixed rate of interest

for$799.2m

At 31 December 2025, the fair value of these swaps was a net financial asset of £75.4m (2024: liability of £127.8m).

The company has additional EMTN borrowings of €500.0m maturing in July 2034, on which it pays a fixed rate of interest

with no cross-currency swap in place.

8. Share capital

2025

£m

2024

£m

Issued, authorised and fully paid

1,287,469,671 (2024: 1,330,244,733) ordinary shares of 0.1p each 1.3 1.3

2025

Number of shares

2024

Number of shares

At 1 January 1,330,244,733 1,368,029,699

Issue of new shares to Employee Share Trust – 8,860,000

Issue of shares 71,437 4,397,622

Share buyback (42,846,499) (51,042,588)

At 31 December 1,287,469,671 1,330,244,733

The company issued 71,437 new ordinary shares of 0.1p each on 3 February 2025 as consideration for the acquisition

ofTMEvents S.à.r.l., the parent company of the Top Marques brand.

During 2025, the company bought back 42,846,499 ordinary shares (2024: 51,042,588) at the nominal value of 0.1p for

atotalconsideration of £352.3m (2024: £424.2m) and cancelled 42,846,499 ordinary shares (2024: 51,554,769) including

nil(2024: 512,181) shares that had been bought in the prior year and settled and cancelled in 2025 for consideration

of£nil(2024: £4.0m).

Notes to the Parent Company Financial Statements for the year ended 31 December 2025 continued

Financial Statements

216

Informa Annual Report and Accounts 2025

9. Capital and reserves

Share premium

There has been an increase of £0.6m to share premium during the year relating to the acquisition of TM Events S.à.r.l., the

parent company of the Top Marques brand (2024: no change).

Reserves for shares to be issued

This reserve relates to LTIP share awards granted to colleagues and reduced by the transferred and vested awards.

Merger reserve

On 30 May 2014, under a Scheme of Arrangement, the company subscribed to shares in Informa Switzerland Limited,

formerly Old Informa, a subsidiary undertaking, which were valued at £3,500.0m. This resulted in new share capital of

£2,627.1m from the issue of 603,941,249 shares at a nominal value of 435p and the creation of a merger reserve of £872.9m.

On 2 November 2016, the company acquired Penton Information Services and the Group issued 12,829,146 ordinary shares

to the vendors, with the £82.2m share premium on the shares issued recorded against the merger reserve in accordance

with the merger relief rules of the Companies Act 2006.

On 15 June 2018, the company acquired UBM plc and issued 427,536,794 shares resulting in an increase in the merger

reserve of £3,544.6m. The company also issued 256,689 shares in 2018 to satisfy UBM SAYE scheme awards maturing in the

post-acquisition period and there was an increase in the merger reserve of £2.2m in relation to the issue of these shares.

On 17 April 2023, the company acquired Tiger Acquisitions (Jersey) Limited, the parent company of Tarsus Group Limited and

issued 25,957,663 shares, resulting in an increase in the merger reserve of £169.8m.

On 1 September 2023, the company acquired Canalys Pte Ltd and issued 535,137 shares, resulting in an increase in the

merger reserve of £3.9m.

On 16 May 2024, the company issued 4,397,622 shares as deferred consideration for the acquisition of the Tarsus group of

companies, resulting in an increase in the merger reserve of £37.5m.

Capital redemption reserve

The capital redemption reserve relates to the purchase of shares by the Employee Stock Ownership Plan (ESOP) in 2019

(£15.0m) and 2018 (£2.3m).

10. Share-based payments

Details of the share-based payments are disclosed in the Consolidated Financial Statements (Note 9).

11. Dividends

During the year, total dividends of £268.1m (2024: £248.2m) were recognised as a distribution by the company. At

31 December 2025, unpaid dividends from prior periods amounted to £0.4m (2024: £0.3m). Details of dividends are

disclosed in the Consolidated Financial Statements (Note 14).

12. Related party transactions

The Directors of Informa PLC had no material transactions with the company or its subsidiaries during the year other

thanservice contracts and Directors’ liability insurance. Details of Directors’ remuneration are disclosed in the

Remuneration Report. In accordance with FRS 102 paragraph 33.1A, the company has not disclosed transactions

withwholly-ownedsubsidiaries.

217

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Audit exemption

The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act

2006 for the year ended 31 December 2025:

Audit exempt company Registration number Audit exempt company Registration number

ABI Building Data Limited 2385277 Informa Services Limited 2306113

Afterhurst Limited 1609566 Informa Six Limited 4606229

Blessmyth Limited 3805559 Informa Tech Founders Limited 12302369

Boat International Business Limited 8731010 Informa Tech Holdings Limited 15700047

Boat International Group Limited 6026344 Informa Tech Research Limited 11971005

Boat International Media Limited 2650007 Informa Telecoms & Media Limited 991704

Bridge Event Technologies Limited 11540817 Informa Three Limited 4595951

BrightTALK Limited 4432080 Informa UK Limited 1072954

Canalys.com Ltd 3631553 Informa United Finance Limited 948730

CapRegen Limited 6264929 Informa US Holdings Limited 9319013

CapRegen Magnum Limited 6460511 Light Reading UK Limited 8823359

CapRegen Nutraceuticals Limited 6695546 LSX Limited 8982745

Colonygrove Limited 4109768 Miller Freeman Worldwide Limited 1750865

Colwiz UK Limited 8164609 MRO Exhibitions Limited 2737787

Contagious Communications Limited 6183878 MRO Publications Limited 2732007

Crosswall Nominees Limited 950209 Newlands Press Limited 4982360

DIVX Express Limited 3212879 OES Exhibitions Limited 9958003

Dove Medical Press Limited 4967656 PeerJ Limited 8054414

Expert Publishing Medicine Ltd 4059017 Penton Communications Europe Limited 2805376

Expert Publishing Science Ltd 10134073 PNO Exhibition Investment (Dubai) Limited 9993836

F1000 Research Limited 8322928 Roamingtarget Limited 5419444

Fairs & Exhibitions (1992) Limited 2696019

Smarter Shows Limited (previously: Smarter

Shows (Tarsus) Limited)

12338170

Fairs And Exhibitions Limited 635224 Solar Media Limited 5758671

Futurum Media Limited 9813559 Steel River Media Limited 7088513

GNC Media Investments Limited 3085849 Superyacht Media Limited 5900525

Green Thinking (Services) Limited 5803263 Tarsus AM Shows Ltd 7910136

Hirecorp Limited 4790559 Tarsus Atlantic Limited 6445661

Hudson MX Limited 14614576 Tarsus Cedar Limited 7954429

IBC (Ten) Limited 1844717 Tarsus China Limited 5949339

IBC (Twelve) Limited 3007085 Tarsus Exhibitions & Publishing Limited 1459268

IIR Management Limited 2922734 Tarsus Group Limited 2000544

Industry Dive, Ltd 12786552 Tarsus Holdings Limited 5246843

Informa Connect Holdings Limited 15615107 Tarsus Investments Limited 3527715

Informa Connect Limited 1835199 Tarsus Leeward Limited 6620137

Informa Cosec Limited 3849195 Tarsus Luzhniki Limited 6697908

Informa Events (Europe) Limited (previously:

Ascential Events (Europe) Limited)

07814172 Tarsus Medical Limited 6004318

Informa Events America Holdings Limited

(previously: Ascential America Holdings Limited)

00100991 Tarsus Overseas Limited 3671643

Financial Statements

218

Informa Annual Report and Accounts 2025

Audit exempt company Registration number Audit exempt company Registration number

Informa Events Group Limited (previously:

Ascential Group Limited)

00435820 Tarsus UK Holdings Limited 6774643

Informa Events Limited (previously: Ascential

Limited)

09934451 Tarsus US Limited 5253899

Informa Events Financing Limited (previously:

Ascential Financing Limited)

09938180 Tarsus Windward Limited 6620149

Informa Events P&P Limited (previously:

Ascential P&P Limited)

14825281 Taylor & Francis Books Limited 3215483

Informa Events Radio Financing Limited

(previously: Ascential Radio Financing Limited)

05289615 Taylor & Francis Group Limited 2280993

Informa Events UK Holdings Limited

(previously: Ascential UK Holdings Limited)

00537204 Taylor & Francis Limited 314578

Informa Exhibitions Limited 5202590 Taylor & Francis Publishing Services Limited 3674840

Informa Final Salary Pension Trustee Company

Limited

3267900 TechTarget Limited 5872378

Informa Finance Australia Limited 12008055 The W.R.Kern Organisation Limited 928594

Informa Finance Brazil Limited 12007958 Tiger Acquisitions Holding Limited 11987963

Informa Finance Egypt Limited 12008044 Tiger Acquisitions Intermediate Holding Limited 11996640

Informa Finance Mexico Limited 12008165 Tiger Acquisitions UK Limited 11988001

Informa Finance USA Limited 8940353 Times Aerospace Publishing Holdings Limited 13644712

Informa Global Markets (Europe) Limited 3094797 Times Aerospace Publishing Limited 13645657

Informa Group Limited 3099067 TU-Automotive Limited 9798474

Informa Holdings Limited 3849198 Turtle Diary Limited 1816342

Informa Investment Plan Trustees Limited 5557980 UBM (GP) No1 Limited 3259390

Informa Investments Limited 1693134 UBM International Holdings UK Societas SE000009

Informa Manufacturing Europe Limited 9893244 UBM Property Services Limited 3212363

Informa Markets (Europe) Limited 8851438 UBM Shared Services Limited 4957131

Informa Markets (Maritime) Limited 495334 UBM Trustees Limited 2970035

Informa Markets (UK) Limited 370721 UBMG Holdings 152298

Informa Markets Limited 2972059 UBMG Services Limited 3666160

Informa Overseas Investments Limited 5845568 United Executive Trustees Limited 1693088

Informa Prestige Holdings Limited 16718313 United Trustees Limited 2113253

Informa Property (Colchester) Limited 3610056 UNM Investments Limited 1219152

219

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Glossary of Terms: Alternative Performance Measures

The Group provides adjusted results and underlying

measures in addition to statutory measures, in order to

provide additional useful information on business

performance trends to shareholders. The Board considers

these non-GAAP measures to be a useful and alternative

way to measure the Group’s performance in a way that is

comparable to the prior year.

The terms ‘adjusted’ and ‘underlying’ are not defined terms

under IFRS and may not therefore be comparable with

similarly titled measurements reported by other companies.

These measures are not intended to be a substitute for, or

superior to, IFRS measurements. The Financial Review

provides reconciliations of alternative performance

measures (APMs) to statutory measures and also provides

the basis of calculation for certain APM metrics. These APMs

are provided on a consistent basis with the prior year.

Adjusted results and adjusting items

Adjusted results exclude items that are commonly excluded

across the media sector: amortisation and impairment of

goodwill and intangible assets relating to businesses

acquired and other intangible asset purchases of book lists,

journal titles, acquired databases and brands related to

exhibitions and conferences, acquisition and integration

costs, profit or loss on disposal of businesses, restructuring

costs and other items that in the opinion of the Directors

would impact the comparability of underlying results.

Adjusting items are detailed in Note 7 to the Consolidated

Financial Statements.

Adjusted results are prepared for the following measures

which are provided in the Consolidated Income Statement

on page 136: adjusted operating profit, adjusted net finance

costs, adjusted profit before tax, adjusted tax charge,

adjusted profit after tax, adjusted earnings and adjusted

diluted earnings per share. Adjusted operating margin,

adjusted effective tax rate and adjusted EBITDA are used in

the Financial Review on pages 50, 52 and 55 respectively.

Adjusted EBITDA

• Adjusted EBITDA is earnings before interest, tax,

depreciation, amortisation and other non-cash items such

as share-based payments and before adjusting items. The

full reconciliation and definition of adjusted EBITDA is

provided in the Financial Review.

• Covenant-adjusted EBITDA for Informa interest cover

purposes under the Group’s previous financial covenants

on debt facilities is earnings before interest, tax,

depreciation and amortisation and adjusting items. It is

adjusted to be on a pre-IFRS 16 basis.

• Covenant-adjusted EBITDA for Informa leverage purposes

under the Group’s previous financial covenants on debt

facilities is earnings before interest, tax, depreciation and

amortisation and adjusting items. It is adjusted to include

a full year’s trading for acquisitions and remove trading

results for disposals, and to be on a pre-IFRS 16 basis.

Adjusted EBITDA margin

Adjusted EBITDA margin is shown as a percentage and is

calculated by dividing Adjusted EBITDA by revenue, which is

provided as an additional useful metric to readers.

Adjusted effective tax rate

The adjusted effective tax rate is shown as a percentage and

is calculated by dividing the adjusted tax charge by the

adjusted profit before tax. The Financial Review on page 53

shows the calculation of the adjusted effective tax rate,

which is provided as an additional useful metric for readers

on the Group’s tax position.

Adjusted net debt

Adjusted net debt for Informa leverage purposes under the

Group’s previous financial covenants on debt facilities is

translated using average exchange rates for the 12-month

period and is adjusted to include deferred consideration

payable, to exclude derivatives associated with borrowings

and to be on a pre-IFRS 16 basis.

Adjusted operating margin

The adjusted operating margin is shown as a percentage and

is calculated by dividing adjusted operating profit by

revenue. The Financial Review on page 50 shows the

calculation of the adjusted operating margin, which is

provided as an additional useful metric on underlying

performance to readers.

Adjusted tax charge

The adjusted tax charge excludes the tax effects of adjusting

items, all deferred tax movements relating to tax losses in

Luxembourg as well as significant one-off items. It includes

the allowable tax benefit for goodwill amortisation in the US

and elsewhere.

Dividend cover

Dividend cover is the ratio of adjusted diluted earnings per

share to dividends per share for the year and is provided to

enable year-on-year comparability on the level at which

dividends are covered by earnings. Dividends consist of the

interim dividend that has been paid for the year and the

proposed final dividend for the year. Diluted earnings per

share are adjusted to be stated before adjusting items

impacting earnings per share. The Financial Review on page

54 provides the calculation of dividend cover.

Dividend payout ratio

This is the ratio of the total amount of dividends per share

paid and proposed to shareholders relating to a financial

year relative to the adjusted diluted earnings per share on

continuing operations for the year. The dividend payout

ratio is shown on page 54 of the Financial Review.

Financial Statements

220

Informa Annual Report and Accounts 2025

Free cash flow

Free cash flow is a key financial measure of cash generation

and represents the cash flow generated by the business

before cash flows relating to acquisitions and disposals and

their related costs, dividends, any new equity issuance or

repurchases of own shares and debt issues or repayments.

Free cash flow is one of the Group’s key performance

indicators, and is an indicator of operational efficiency and

financial discipline, illustrating the capacity to reinvest, fund

future dividends and repay debt. The Financial Review on

page 55 provides a reconciliation of free cash flow to

statutory measures.

Informa interest cover

Informa interest cover is calculated according to the Group’s

previous financial covenants on debt facilities and is the

ratio of covenant-adjusted EBITDA for interest cover

purposes to adjusted net finance costs, excluding certain

finance fair value items. It is provided to enable the

assessment of our debt position together with our

compliance with these previous specific debt covenants. The

Financial Review on page 58 provides the basis of the

calculation of Informa interest cover.

Informa leverage ratio

The Informa leverage ratio is calculated according to the

Group’s previous financial covenants on debt facilities and is

the ratio of net debt to covenant-adjusted EBITDA, further

adjusted for share-based payments charges, for Informa

leverage information purposes, and is provided to enable the

assessment of our debt position together with compliance

with these previous specific debt covenants. The Financial

Review on page 58 provides the basis of the calculation of

the Informa leverage ratio.

Net debt

Net debt consists of cash and cash equivalents, and includes

bank overdrafts (where applicable), borrowings, derivatives

associated with debt instruments, finance leases, lease

liabilities, deferred borrowing fees and other loan

receivables or loan payables where these are interest

bearing and do not relate to deferred consideration

arrangements for acquisitions or disposals.

Operating cash flow and operating

cashflowconversion

Operating cash flow is a financial measure used to

determine the efficiency of cash flow generation in the

business and is measured by and represents free cash flow

before interest, tax, restructuring and reorganisation costs.

The Financial Review on page 56 reconciles operating cash

flow to statutory measures.

Operating cash flow conversion is a measure of the strength

of cash generation in the business and is measured as a

percentage by dividing operating cash flow by adjusted

operating profit in the reporting period. The Financial

Review on page 56 provides the calculation of operating

cash flow conversion.

Underlying revenue and underlying adjusted

operating profit

Underlying revenue and underlying adjusted operating profit

refer to results adjusted for acquisitions and disposals, the

phasing of events, including biennials, the impact of changes

from implementing new accounting standards and accounting

policy changes, and the effects of changes in foreign currency

by adjusting the current year and prior year amounts to use

consistent currency exchange rates.

Phasing and biennial adjustments relate to the alignment of

comparative period amounts to the usual scheduling cycle of

events in the current year. Where an event originally

scheduled for 2024 or 2025 was either cancelled or

postponed, there was an adverse impact on 2024 or 2025

underlying growth as no adjustment was made for these in

the calculation.

The results from acquisitions are included on a pro-forma

basis from the first day of ownership in the comparative

period. Disposals are similarly adjusted for on a pro-forma

basis to exclude results in the comparative period from the

date of disposal. Underlying measures are provided to aid

comparability of revenue and adjusted operating profit

results against the prior year. The Financial Review on page

51 provides the reconciliation of underlying measures of

growth to reported measures of growth in percentage terms.

221

Informa Annual Report and Accounts 2025

Financial StatementsGS A

Five-year summary

2025

£m

2024

£m

2023

£m

2022

£m

2021

£m

Results

Revenue 4,041.4 3,553.1 3,189.6 2,389.3 1,798.7

Adjusted operating profit 1,139.8 995.0 853.8 535.0 388.4

Statutory operating profit 141.7 542.8 507.8 221.9 93.8

Statutory (loss)/profit before tax (64.3) 407.3 492.1 1,946.9 137.1

Profit attributable to equity holders of the Parent Company 11.0 297.7 419.0 1,631.5 77.9

Free cash flow 884.8 812.1 631.7 466.4 438.7

Net assets

Non-current assets 11,228.5 12,355.7 10,468.7 9,521.7 8,924.4

Current assets 1,096.3 1,335.0 1,055.5 2,624.0 1,273.2

Current liabilities (2,503.7) (3,061.3) (1,789.2) (2,008.8) (1,350.0)

Non-current liabilities (3,561.2) (3,309.9) (2,550.4) (2,670.6) (2,801.7)

Net assets 6,259.9 7,319.5 7,184.6 7,466.3 6,045.9

Key statistics (pence)

Earnings per share 0.8 22.3 30.1 112.0 5.2

Diluted earnings per share 0.8 22.2 29.9 111.4 5.2

Adjusted diluted earnings per share 55.6 50.1 45.3 26.4 16.7

Dividends per share 22.0 20.0 18.0 9.8 –

Financial Statements

222

Informa Annual Report and Accounts 2025

Shareholder information

Shareholder queries

Our share register is maintained by Computershare. All

enquiries about your shareholding should be addressed to

Computershare using the details below.

Computershare Investor Services PLC

The Pavilions, Bridgwater Road

Bristol BS99 6ZZ

+44 (0)370 707 1679

investorcentre.co.uk

The helpline is available Monday to Friday, 8.30am to

5.30pm, excluding UK public holidays.

Shareholders can also use Computershare’s online service

(investorcentre.co.uk) to:

• View and manage all shareholdings

• Register for electronic communications

• Buy and sell shares online with the dealing service

• Deal with other matters such as a change of address,

transferring shares or replacing a lost certificate

You will need the shareholder reference number shown on

your share certificate(s) or dividend vouchers when first

accessing investorcentre.co.uk.

Electronic shareholder communications

As part of Informa’s commitment to the responsible use of

natural resources and reducing our environmental impact,

we offer all shareholders the opportunity to elect to register

for electronic communications. To do so, please visit

investorcentre.co.uk.

Dividend and dividend reinvestment

Shareholders are encouraged to have dividends paid directly

into a bank or building society account. Please complete the

dividend mandate instruction form available at

investorcentre.co.uk or contact Computershare using the

details above.

To receive dividends in a different currency, you will need

toregister for the global payments service provided

byourregistrar. More information is available at

investorcentre.co.uk.

Informa offers a Dividend Reinvestment Plan where cash

dividends are automatically reinvested in additional Informa

shares. Details and full terms and conditions, including

eligibility for shareholders based outside the UK, are

available at investorcentre.co.uk.

ShareGift

ShareGift (registered charity no. 1052686) is an independent

charity that takes unwanted holdings of shares, aggregates

those shares and sells them for the benefit of thousands of

charities. If you have a small shareholding in Informa and

would like to support this initiative, you can find out more

byvisiting sharegift.org or calling +44 (0)20 7930 3737.

London Stock Exchange and ADR programme

for US investors

Informa’s ordinary shares are traded on the London Stock

Exchange under the symbol INF, ISIN: GB00BMJ6DW54.

Since 2013, Informa has maintained a Level I American

Depositary Receipt (ADR) programme with BNY Mellon. Each

Informa ADR represents two ordinary shares, which trade

on the over-the-counter market in the US under the symbol

IFJPY, ISIN: US45672B2060. Information on Informa’s ADRs

can be found at bnymellon.com/dr.

Protecting your investment from share fraud

We are aware that shareholders in some companies have

received unsolicited phone calls or correspondence from

purported ‘brokers’ who offer to buy their shares at a price

far above the usual market value. These approaches are

often called ‘boiler room’ scams and the firms are unlikely to

be authorised by the Financial Conduct Authority (FCA).

Shareholders are advised to be very wary of any unsolicited

advice – including offers to buy your shares in Informa PLC

at a premium or to sell you other investments at a discount,

orrequests to complete a confidentiality agreement with

thecaller.

Remember that if it sounds too good to be true, it probably is.

Shareholders are encouraged to read the FCA’s guidance

onhow to avoid scams at fca.org.uk/consumers/protect-

yourself-scams.

If you think you may have been targeted, report the matter

to the FCA as soon as possible on 0800 111 6768 (freephone)

or +44 (0)20 7066 1000 from outside the UK. You should also

notify the registrar by calling 0370 707 1679.

If you have lost money to a scam, or for anything not

regulated by the FCA, contact Report Fraud on 0300 123

2040 or visit its website at reportfraud.police.uk.

223

Informa Annual Report and Accounts 2025

Additional InformationFGS

Advisers

Independent auditors

PwC

1 Embankment Place

London WC2N 6RH

pwc.co.uk

Joint stockbrokers

BAML

2 King Edward Street

London EC1A 1HQ

bofaml.com

Morgan Stanley

25 Cabot Square

London E14 5AB

morganstanley.com

Deutsche Numis

45 Gresham Street

London EC2V 7BF

dbnumis.db.com

Strategic financial advisers

Goldman Sachs International

Plumtree Court, 25 Shoe Lane

London EC4A 4AU

goldmansachs.com

Depository bank

BNY Mellon Depositary Receipts

101 Barclay Street

New York NY 10286

adrbnymellon.com

Principal solicitors

Clifford Chance LLP

10 Upper Bank Street

London E14 5JJ

cliffordchance.com

Communications advisers

Teneo

The Carter Building, 11 Pilgrim Street

London EC4V 6RN

teneo.com

Registrar

Computershare Investor Services PLC

The Pavilions, Bridgwater Road

Bristol BS99 6ZZ

investorcentre.co.uk

Additional Information

224

Informa Annual Report and Accounts 2025

Informa is grateful to all the colleagues,

teams and partners that have

contributed their time and support in

the production of this Annual Report.

Consultancy, design and production by

Luminous: luminous.co.uk.

Consultancy by Falcon Windsor:

falconwindsor.com.

Cover and all text page illustrations

created by Sua Balac: suabalac.com.

All Informa Board member

photography on pages 79 to 81 and

repeated on other pages by Chris

Warren at CWA Studios:

cwa-studios.com.

All other photography was contributed

by our colleagues and teams across

thecompany.

Informa PLC 2026 and may not be

usedin whole or part without

priorpermission.

Printed by Pureprint Group, an ISO

14001, FSC

and CarbonNeutral

accredited printing company.

This document was printed using its

Pureprint

environmental printing

technology. 100% vegetable-based inks

and a water-based coating were used.

99% of the dry waste and 95% of

cleaning solvents associated with the

production were recycled.

This document is printed on Revive 100

Uncoated, a fully recycled material

from Denmaur Paper. The carbon

produced in the manufacturing process

and delivery to Pureprint has been

offset with the World Land Trust,

making the paper and printing

carbonneutral.

Both the paper mill and printer are

registered to the Environmental

Management System ISO 14001 and

are Forest Stewardship Council

(FSC

)

chain-of-custody certified. The outer

cover has not been laminated to make

the document 100% recyclable.

informa.com

Americas

Atlanta

3740 Davinci Court

GA 30092

Boca Raton

2385 NW Executive

Center Drive

FL 33431

Boston

One Riverside Center

Newton, MA 02466

Boulder

1710 29th Street

CO 80303

Chicago

300 Riverside Plaza

IL 60606

Fort Lauderdale

1650 SE 17th Street

FL 33316

Irving

222 West Las Colinas

Boulevard

TX 75039

Kansas City

22701 West 68th Terrace

KS 66226

Mexico City

Lago Alberto 319

Colonia Granada

Delegacion Miguel Hidalgo

11520

New York

605 Third Avenue

NY 10158

Philadelphia

530 Walnut Street

PA 19106

Phoenix

2828 North Central Avenue

AZ 85004

Santa Francisco

225 Bush Street

CA 94104

Santa Monica

2644 30th Street

CA 90405

São Paulo

Avenida Dra Ruth Cardoso

7221 Pinheiros

Toronto

20 Eglinton Avenue West

MP4 1A9

Washington DC

2121 K Street NW

DC 20037

Europe

Amsterdam

WTC Tower Ten

Strawinskylaan 763

Colchester

The Octagon

Essex CO1 1TG

London Blackfriars

240 Blackfriars

SE1 8BF

London Victoria

(Registered Office)

5 Howick Place

SW1P 1WG

Monaco

7 Rue Suffren Reymond

Le Suffren

MC 98000

Oxford

4 Milton Park Square

Milton Park

OX14 4RN

IMEA and APAC

Bangkok

Ari Hills Building

428 Phahonyothin Road

Bangkok 10400

Cairo

First Floor, Building 12B03/B

Cairo Festival City

Dubai

The Offices 4, One Central

Sheikh Zayed Road

Ho Chi Minh City

10th Flr, Ha Phan Building

District 1

Hong Kong

17/F China

Resources Building

26 Harbour Road, Wanchai

Istanbul

4th Floor, Nidakule Levent

Esentepe Mahallesi Harman

1 Sokak

Jakarta

Menara Jamsostek

North Tower

Jakarta 12710

Kuala Lumpur

Sunway Visio Tower

Lingkaran SV, Sunway

Velocity 55100

Manama

The United Tower

Road 4609

Mumbai

R Square Building

Andheri-Kurla Road

Mumbai 400059

New Delhi

1 Jai Singh Road

New Delhi 110001

Riyadh

Building S4,

Riyadh Business Front

Airport Road

Shanghai

Hong Kong

New World Tower

No. 300 Huai Hai

Middle Road

Shanghai 200021

Singapore

Bugis Junction Towers

230 Victoria Street

Singapore 188024

Sydney

24 York Street

NSW 2000

Tokyo

Kanda 91 Building

Chiyoda-ku

Tokyo 101-0044