Wolters Kluwer: margin up to 29.4% in H1, annual guidance maintained
The Dutch professional information group published on August 5, 2026 half-year results marked by a progression of all its adjusted aggregates in constant currencies, while maintaining its annual guidance unchanged.
The margin increase occurs as the group simultaneously increases its product development expenditures, oriented toward the second half, to finance its artificial intelligence strategy.
Organic growth of 5% and adjusted margin at 29.4%
For the six months ended June 30, 2026, revenue stood at €3,033 million, down 1% in reported figures due to the depreciation of the dollar against the euro, but up 4% in constant currencies and 5% organically. Excluding print (4% of total), organic growth reached 6%.
Recurring revenues, which represent 85% of total, grew 7% organically, while non-recurring revenues declined 3%. Recurring cloud software (24% of total) increased 14% organically.
Adjusted operating income came to €893 million (compared to €865 million a year earlier), up 10% in constant currencies. Adjusted operating margin gained 100 basis points, moving from 28.4% to 29.4%.
Earnings per share, cash flow and share buybacks
Adjusted net income reached €637 million (compared to €631 million a year earlier), up 10% in constant currencies. Adjusted diluted earnings per share stood at €2.83 (compared to €2.70), up 14% in constant currencies, a progression that reflects the increase in adjusted net income and a reduction of 3.7% in the average diluted number of shares outstanding, brought down to 225.3 million.
Adjusted free cash flow amounted to €533 million (compared to €505 million), up 14% in constant currencies. At June 30, 2026, net debt stood at €4,024 million, unchanged compared to December 31, 2025, with free cash flow being entirely allocated to dividends, share buybacks and the acquisition of StandardFusion. The net debt to EBITDA ratio remained at 2.0x.
On the share buyback program of up to €500 million for 2026, €244 million had been repurchased as of August 4, 2026, representing 3.6 million shares at an average price of €67.79.
2026 guidance reiterated and increased product development spending
Wolters Kluwer reiterated its unchanged annual guidance. The group continues to anticipate organic growth, margin expansion and high single-digit growth in adjusted diluted earnings per share in constant currencies.
Adjusted operating margin is expected to be around 28.0% for the fiscal year (compared to 27.5% in 2025), adjusted free cash flow between €1,300 and €1,350 million, and ROIC between 18% and 19%. The group plans to increase its annual product development expenditures to 12% to 13% of revenues in 2026, with these expenditures oriented toward the second half.
The interim dividend for 2026 has been set at €1.01 per share, representing 40% of the total dividend of the previous fiscal year, with payment scheduled for September. On August 4, the Corporate Performance & ESG division acquired Marosa, a European tax automation provider, for €112 million (enterprise value) paid in cash.
