Wolters Kluwer 2025 Half-Year Report
Wolters Kluwer 2025 Half-Year Report
Alphen aan den Rijn, July 30, 2025, Wolters Kluwer, a global leader in professional information solutions, software and services, today releases its half-year 2025 results.
Highlights
Guidance for 2025 updated. (See page 2).
Revenues €3,052 million, up 6% in constant currencies and up 5% organically.
Recurring revenues (84% of total) grew 7% organically; non-recurring declined 4% organically.
Expert solutions (59% of total) grew 6% organically.
Recurring cloud software (21% of total) grew 15% organically.
Adjusted operating profit €865 million, up 14% in constant currencies.
Margin rose 190 basis points, reflecting mix shift and cost efficiencies.
Diluted adjusted EPS €2.70, up 14% in constant currencies.
Adjusted free cash flow €505 million, up 13% in constant currencies.
Net-debt-to-EBITDA of 2.1x; Return on invested capital (ROIC) of 18.5%.
Interim dividend €0.93 per share, set at 40% of prior year total dividend.
On track to complete 2025 share buyback of up to €1 billion.
Financial & Corporate Compliance division to divest Finance, Risk & Regulatory Reporting unit.
Interim Report of the Executive Board
Nancy McKinstry, CEO and Chair of the Executive Board, commented: "We delivered 5% organic growth in the first half, in line with our expectations, driven by sustained 7% organic growth in recurring revenue streams. Non-recurring revenues turned down, partly due increased macro-economic uncertainty. The margin continues to benefit from mix shift towards expert solutions as well as initiatives to manage expenses and drive long term efficiencies. Across the group, we made significant progress in integrating generative AI capabilities into our platforms and we are investing in agentic AI solutions that will bring further benefits to our customers."
Key Figures, Six months ended June 30
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Business performance, benchmark figures
Revenues
3,052
2,891
+6%
+6%
+5%
Adjusted operating profit
865
765
+13%
+14%
+11%
Adjusted operating profit margin
28.4%
26.5%
Adjusted net profit
631
566
+11%
+11%
Diluted adjusted EPS (€)
2.70
2.36
+14%
+14%
Adjusted free cash flow
505
445
+14%
+13%
Net debt
4,274
2,932
+46%
ROIC
18.5%
17.5%
IFRS reported results
Revenues
3,052
2,891
+6%
Operating profit
765
690
+11%
Profit for the period
553
509
+9%
Diluted EPS (€)
2.36
2.12
+11%
Net cash from operating activities
670
622
+8%
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. Benchmark figures are performance measures used by management. ROIC is based on twelve-months rolling figures. See Note 4 for a reconciliation from IFRS to benchmark figures.
Full-Year 2025 Outlook
We have updated our guidance for full-year 2025. We continue to expect full-year 2025 organic growth to be broadly in line with the prior year. Despite the adverse USD exchange rate movement, the absence of last year's pension gain, and additional restructuring, we now expect the adjusted operating profit margin in reported currency to be near the top end of our range, supported by most divisions. We expect diluted adjusted EPS to grow in mid- to high-single digits in constant currencies. Due to the USD exchange rate movement, we now expect ROIC in reported currency to be around 18%.
Full-Year 2025 Outlook
Performance indicators
2025 Guidance
Previous Guidance
2024 Actual
Adjusted operating profit margin*
27.1%-27.5%
27.1%-27.5%
27.1%
Adjusted free cash flow**
€1,250-€1,300 million
€1,250-€1,300 million
€1,276 million
ROIC*
±18%
18%-19%
18.1%
Diluted adjusted EPS growth**
Mid- to high-single-digit growth
Mid-single-digit
11%
*Guidance for adjusted operating profit margin and ROIC is in reporting currency and assumes an average EUR/USD rate in 2025 of €/$1.13. **Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.08). Guidance reflects share repurchases of up to €1 billion in 2025.
In 2024, Wolters Kluwer generated over 60% of its revenues and adjusted operating profit in North America. As a rule of thumb, based on our 2024 currency profile, each 1 U.S. cent move in the average €/$ exchange rate for the year causes an opposite change of approximately 4.5 euro cents in diluted adjusted EPS. If current exchange rates persist, the U.S. dollar rate will have a negative effect on results reported in euros for the remainder of this year.
Restructuring costs are included in adjusted operating profit. We now expect 2025 restructuring costs to be in the range of €20-35 million (FY 2024: €28 million). Following the recent acquisition of Brightflag and the Eurobond issue in June, we now expect adjusted net financing costs1 in constant currencies to increase to approximately €95-100 million. We continue to expect the benchmark tax rate on adjusted pre-tax profits to rise within the range of 23.0%-24.0% (FY 2024: 23.1%). Capital expenditures are expected to be in the range of 5.0%-6.0% of total revenues (FY 2024: 5.3%). We continue to expect the full-year 2025 cash conversion ratio to be within 95%-100% (FY 2024: 102%).
Our guidance assumes no additional significant change to the scope of operations, apart from acquisitions or divestitures already completed. We may make further acquisitions or disposals which can be dilutive to margins, earnings, and ROIC in the near term.
2025 outlook by division
Our guidance for full-year 2025 organic revenue growth by division is as follows:
Health: we continue to expect FY 2025 organic growth to be in line with or slightly below prior year (FY 2024: 6%).
Tax & Accounting: we continue to expect FY 2025 organic growth to be in line with prior year (FY 2024: 7%).
Financial & Corporate Compliance: we expect FY 2025 organic growth to be below prior year (FY 2024: 5% pro forma2), due to weaker transactional revenues and suspension of the Corporate Transparency Act (CTA).
Legal Regulatory: we continue to expect FY 2025 organic growth to be in line with prior year (FY 2024: 5%).
Corporate Performance & ESG: we continue to expect FY 2025 organic growth to be above prior year (FY 2024: 6% pro forma2) reflecting higher growth for the CCH Tagetik CPM platform.
Progress against 2025-2027 strategic plan
In February 2025, we announced our 2025-2027 strategic plan, which sets out three priorities:
Scale expert solutions: we will continue to grow our expert solutions, increasing penetration and promoting cloud-based software as a service (SaaS) revenue models. We are focused on embedding artificial intelligence (AI) and advanced data analytics into our solutions and pursuing ways to leverage our content and data for customers.
Accelerate growth: we intend to pursue high-growth adjacencies with a build, buy, or partner approach. We will focus on accelerating the pace of innovation to advance customer productivity and outcomes while further developing partnerships to extend our market reach.
Evolve capabilities: we intend to elevate our go-to-market capabilities and enhance sales effectiveness. We intend to embrace new technologies to drive operational performance and to continue fostering a great place to work and best-in-class sustainability performance.
In the first half of 2025, we made progress on all fronts. Expert solutions accounted for 59% of total revenues (HY 2024: 59%) and grew 6% organically (HY 2024: 8%). Our software offerings, which are included in expert solutions, accounted for 46% of total revenues and grew 6% organically.
Advancing cloud-based solutions. Recurring cloud software revenues accounted for 45% of total software revenues and exceed on-premise software license and maintenance fees (36%). In the first half, recurring cloud software revenues grew 15% organically (HY 2024: 16%). Advancing cloud-native architectures is of strategic importance to facilitate rapid integration of advanced AI technologies to support complex professional workflows.
Integrating generative and agentic AI into workflows. We made significant progress in rolling out generative AI features across both expert solutions and information platforms, building on more than 10 years of experience in embedding AI into our products. A significant majority of our revenues today are AI-enabled, with our major product suites now also offering generative AI features. Generative AI capabilities enhance our customers' workflows, providing increased productivity and improved outcomes, while also supporting retention and upsell rates, attracting new customers, and keeping our solutions competitive. Solutions such as VitalLaw AI and InView Legal are supporting attorneys with GenAI-enabled search, summarization, drafting, and content creation. And, we will soon be introducing a new generative AI version of UpToDate that leverages clinical intelligence to understand complex medical queries, provide transparent answers, and inform diagnostic decisions.
We have also been making significant investments in agentic AI capabilities and have several agentic solutions in development or in customer beta programs. For example, in Tax & Accounting, we are integrating AI agents into our cloud-based solution, CCH Axcess, to automate complex workflows, enhance decision-making, and deliver productivity gains to our clients. In Corporate Performance and ESG, we launched TeamMate+ AI Editor, an agentic writing engine that helps internal auditors improve the quality of documentation. Underpinning these developments is our proprietary, patent-pending AI-Enablement Platform designed to support rapid deployment of agentic solutions.
Extending into higher-growth market segments. Secondly, we made important investments in higher-growth adjacent markets. The acquisitions of Registered Agent Solutions, Inc. (RASi) in Financial & Corporate Compliance and Brightflag in Legal & Regulatory augment our organic efforts to build out our positions in the mid-sized corporate market for legal services and legal spend management solutions. We also added partnerships to extend our reach: Health is partnering with Microsoft to integrate UpToDate with Dragon Copilot for healthcare workflows. In Corporate Performance & ESG, Enablon established a partnership with Enterprise Health to enhance our EHS offerings to support organizations in delivering safer, healthier workplaces.
Investing to evolve our go-to-market. We made progress on upgrading systems to further enhance sales effectiveness and customer support. For example, in Tax & Accounting, we have enhanced our e-commerce channels to address the growing share of firms preferring digital renewals.
Financial policy, capital allocation, net debt, and liquidity
We use our free cash flow to invest in the business organically and through acquisitions, to maintain optimal leverage, and to provide returns to shareholders. We regularly assess our financial position and evaluate the appropriate level of debt in view of our expectations for cash flow, investment plans, interest rates, and capital market conditions.
As we execute on our strategic priorities, we aim to maintain leverage in the range of 1.5x to 2.5x, providing a strong and secure financial foundation for our business. We may temporarily deviate from this range, but our high proportion of recurring revenues and resilient free cash flows give us the ability to rapidly return to this range.
Dividend policy and interim dividend 2025
Wolters Kluwer remains committed to a progressive dividend policy, under which we aim to increase the dividend per share in euros each year, independent of currency fluctuations. The payout ratio3 can therefore vary from year to year. Proposed annual increases in the dividend per share consider our financial performance, market conditions, and our need for financial flexibility. The policy takes into account the characteristics of our business, our expectations for future cash flows, and our plans for organic investment in innovation and productivity, or for acquisitions. We balance these factors with the objective of maintaining a strong balance sheet.
The interim dividend for 2025 has been set at €0.93 per share, 40% of prior year total dividend. Shareholders can choose to reinvest both interim and final dividends by purchasing additional Wolters Kluwer shares through the Dividend Reinvestment Plan (DRIP) administered by ABN AMRO Bank N.V.
Progress on 2025 share buyback
As a matter of policy since 2012, Wolters Kluwer will offset the dilution caused by our annual incentive share issuance with share repurchases (Anti-Dilution Policy). In addition, from time to time when appropriate, we return capital to shareholders through share buyback programs. Shares repurchased by the company are added to and held as treasury shares and are either cancelled or utilized to meet future obligations arising from share-based incentive plans.
On February 26, 2025, we announced our intention to repurchase shares for up to €1 billion during 2025. In the year to date, up to and including July 29, 2025, we have repurchased €637 million in shares (4,221,191 shares at an average price of €150.88).
For the period July 31, 2025, up to and including November 3, 2025, we have signed a third-party mandate to execute approximately €175 million in share buybacks on our behalf, within the limits of relevant laws and regulations (in particular Regulation (EU) 596/2014) and the company's Articles of Association. The maximum number of shares which may be repurchased will not exceed the authorization granted by the Annual General Meeting of Shareholders.
Assuming global economic conditions do not deteriorate substantially, we believe this level of share buybacks leaves us with ample headroom to support our dividend plans, to sustain organic investment, and to make selective acquisitions. The share repurchase program may be suspended, discontinued, or modified at any time.
Share cancellation 2025
At the 2025 Annual General Meeting on May 15, 2025, shareholders approved a resolution to cancel for capital reduction purposes any or all ordinary shares held in treasury or to be acquired by the company, up to a maximum of 10% of issued share capital.
As of July 29, 2025, Wolters Kluwer held 8.0 million shares in treasury (equivalent to approximately 3.4% of issued share capital). As authorized by shareholders, the Executive Board has determined the number of ordinary shares to be cancelled this year is 6.0 million. Wolters Kluwer intends to cancel these shares in the second half of 2025. The remaining treasury shares will be retained to meet future obligations under share-based incentive plans.
Net debt, leverage, credit facility, and liquidity position
Net debt on June 30, 2025, was €4,274 million, up from €3,134 million on December 31, 2024, due to dividends paid, share buybacks, and acquisition spending (mainly RASi and Brightflag).
The net-debt-to-EBITDA ratio based on twelve months' rolling EBITDA to June 30, 2025, increased to 2.1x (December 31, 2024: 1.6x).
Gross debt of €5,247 million includes the €500 million Eurobond (7-year term; 3.375% annual coupon) issued on March 20, 2025 and the €500 million Eurobond (5.25-year term; 3.000% annual coupon) issued on June 30, 2025. As of June 30, 2025, net cash available was €395 million4.
As of June 30, 2025, we had drawn €150 million on our €600 million multi-currency revolving credit facility (this amount was subsequently repaid in July 2025). We recently exercised an option to extend this credit facility by one year such that it will now mature in 2030. We have one remaining option to extend the facility by a year.
Half-Year 2025 Results
Benchmark figures
Group revenues were €3,052 million, up 6% overall and up 6% in constant currencies. Organic revenue growth was 5% (HY 2024: 6%).
Revenues from North America accounted for 64% of total group revenues and grew 5% organically (HY 2024: 6%). Revenues from Europe, 28% of total revenues, grew 6% organically (HY 2024: 6%). Revenues from Asia Pacific and Rest of World, 8% of total revenues, grew 5% organically (HY 2024: 10%).
Adjusted operating profit was €865 million (HY 2024: €765 million), up 14% in constant currencies. The adjusted operating profit margin increased by 190 basis points to 28.4% (HY 2024: 26.5%).
Restructuring expenses, which are included in adjusted operating profit, were €5 million (HY 2024: €3 million). Product development spending (including capitalized spend) increased 7% in constant currencies, amounting to 11% of revenues in the first half (HY 2024: 11%).
Adjusted net financing costs increased to €38 million (HY 2024: €25 million), reflecting higher debt and a higher average effective cost of debt. Included in adjusted net financing costs was a €2 million net foreign exchange gain (HY 2024: €6 million net foreign exchange loss) mainly due to the translation of intercompany balances.
Adjusted profit before tax was €828 million (HY 2024: €741 million), up 11% in constant currencies. The benchmark effective tax rate on adjusted profit before tax increased to 23.8% (HY 2024: 23.6%), due to an unfavorable movement in our deferred tax position.
Adjusted net profit was €631 million (HY 2024: €566 million), an increase of 11% in constant currencies.
Diluted adjusted EPS was €2.70 (HY 2024: €2.36), up 14% in constant currencies, reflecting the increase in adjusted net profit and a 2.5% reduction in the diluted weighted average number of shares outstanding to 234.0 million (HY 2024: 240.1 million).
IFRS reported figures
Reported operating profit increased 11% to €765 million (HY 2024: €690 million), reflecting mix shift and cost efficiencies, partly offset by higher amortization and impairment of acquired intangible assets and acquisition-related costs.
Reported financing results amounted to a net cost of €39 million (HY 2024: €26 million cost) reflecting higher debt and a higher average effective cost of debt. The reported effective tax rate increased to 23.9% (HY 2024: 23.4%) due to the unfavorable movement in our deferred tax position and non-tax-deductible acquisition-related costs.
As a result, net profit for the period increased 9% to €553 million (HY 2024: €509 million). Diluted EPS increased 11% to €2.36 (HY 2024: €2.12), benefitting from the reduction in weighted average number of shares outstanding.
Cash flow
Adjusted operating cash flow was €738 million (HY 2024: €624 million), up 19% in constant currencies, due to the increase in adjusted operating profit and higher cash conversion. Working capital outflows were €110 million (HY 2024: €117 million outflow), below the prior period which had included large vendor payments. Capital expenditures were stable at €147 million (4.8% of revenues). Cash payments related to leases, including lease interest paid, amounted to €33 million (HY 2024: €35 million). Depreciation of physical assets, amortization and impairment of internally developed software, and depreciation of right-of-use assets totaled €163 million (HY 2024: €158 million). The cash conversion ratio increased to 85% (HY 2024: 82%).
Net interest paid, excluding lease interest paid, increased to €53 million (HY 2024: €23 million), due to the initial coupon payment on the 5-year Eurobond issued in March 2024. Income tax paid increased to €192 million (HY 2024: €171 million), reflecting higher adjusted profit before tax as well as the timing of tax refunds and prepayments. Net cash outflows related to restructuring were €2 million (HY 2024: net outflow of €2 million). As a result, adjusted free cash flow was €505 million (HY 2024: €445 million), up 13% in constant currencies.
Total acquisition spending, net of cash acquired and including transaction costs, was €833 million (HY 2024: €2 million), mainly relating to the acquisitions of Registered Agent Solutions, Inc. on March 13, 2025 and of Brightflag on June 11, 2025. See Note 7 for more detail.
Dividends paid amounted to €297 million (HY 2024: €276 million) excluding dividend tax of €52 million (HY 2024: €48 million) which was paid in July 2025. Cash deployed towards share repurchases in the first six months amounted to €509 million (HY 2024: €516 million).
Sustainability developments
In 2025, we are focused on programs designed to support employee engagement, inclusion, belonging, and general well-being, with a particular emphasis on initiatives that assist employees in developing their skills, strengthen their workplace connections, and reinforce their alignment with our mission and purpose. Our workforce turnover rate5 was 10% (HY 2024: 10%) with voluntary turnover at 7% (HY 2024: 7%). In January 2025, we launched a microlearning program for employees focused on generative AI foundations. In June, we staged a well-attended Global Well-Being Day with in-person and virtual events designed to foster employee connections, resilience, and belonging.
Our global real estate and facilities management team continued executing on plans to deliver a further reduction in our office footprint while at the same time improving workspaces for employees. As of June 30, 2025, our real estate footprint measured in square meters was reduced by 5% on an underlying basis compared to the position at year-end 2024. The real estate program has been the fundamental driver helping us advance towards our target of a 60% reduction in scope 1 and 2 emissions by 2030 from a 2019 base year.
We have started using a supplier sustainability assessment tool to enhance our insights into sustainability risks across our supply chain and support engagement with vendors on decarbonization and labor practices. In April 2025, the SBTi validated our net-zero targets, which include a 90% absolute reduction in scope 1, 2, and key scope 3 greenhouse gas emissions by 2050 from a 2019 base year. We aim to achieve net-zero greenhouse gas emissions across the value chain by reducing direct emissions related to our offices, our suppliers, our business travel and commuting.
Our ESG risk rating from Morningstar Sustainalytics stands at 12.2 currently, and we remain among the top 5% of companies in the Software & Services sector globally. Our CDP (Carbon Disclosure Project) score was recently improved to B.
Divisional Review
Group-wide organic revenue growth was 5%, with all divisions delivering positive organic growth. Group adjusted operating profit margin increased, led by Health, Legal & Regulatory, and Tax & Accounting.
Divisional Summary, Six months ended June 30
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
Health
788
771
+2%
+3%
+4%
Tax & Accounting
837
775
+8%
+9%
+6%
Financial & Corporate Compliance2
635
600
+6%
+6%
+4%
Legal & Regulatory
487
458
+6%
+6%
+6%
Corporate Performance & ESG2
305
287
+6%
+7%
+7%
Total revenues
3,052
2,891
+6%
+6%
+5%
Adjusted operating profit
Health
260
223
+17%
+17%
+15%
Tax & Accounting
308
271
+13%
+14%
+11%
Financial & Corporate Compliance2
211
207
+2%
+3%
-1%
Legal & Regulatory
98
78
+26%
+26%
+26%
Corporate Performance & ESG2
18
18
+2%
+3%
+3%
Corporate
(30)
(32)
-8%
-8%
-8%
Total adjusted operating profit
865
765
+13%
+14%
+11%
Adjusted operating profit margin
Health
33.0%35.1%37.2%14.2%4.6%26.1%
28.9%35.1%37.2%14.2%4.6%26.1%
Tax & Accounting
36.8%
35.1%
Financial & Corporate Compliance2
33.3%
34.5%
Legal & Regulatory
20.1%
16.9%
Corporate Performance & ESG2
6.0%
6.3%
Total adjusted operating profit margin
28.4%
26.5%
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. See footnote 2.
Total recurring revenues, which include subscriptions and other renewing revenue streams, accounted for 84% of total revenues (HY 2024: 82%) and grew 7% organically (HY 2024: 7%). Within recurring revenues, digital and service subscriptions grew 7% organically (HY 2024: 8%). Total non-recurring revenues turned down, declining 4% organically (HY 2024: 2% growth). Within non-recurring revenues, Financial & Corporate Compliance transactional revenues increased 1% organically (HY 2024: 3%) while Legal & Regulatory transactional revenues (ELM) increased 7% organically (HY 2024: 11%). Print book revenues declined 11% (HY 2024: 2% growth). Other non-recurring revenues, mainly on-premise licenses and software implementation services, declined 9% organically (HY 2024: 1% growth). See Appendix 3 for details by division.
Revenues by Type, Six months ended June 30
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Digital and service subscription
2,346
2,177
+8%
+8%
+7%
Print subscription
61
61
0%
0%
0%
Other recurring
149
143
+4%
+4%
+7%
Total recurring revenues
2,556
2,381
+7%
+8%
+7%
Transactional - FCC
176
168
+5%
+6%
+1%
Transactional - LR
51
48
+6%
+7%
+7%
Print books
49
56
-11%
-11%
-11%
Other non-recurring
220
238
-8%
-8%
-9%
Total non-recurring revenues
496
510
-3%
-2%
-4%
Total revenues
3,052
2,891
+6%
+6%
+5%
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. Other non-recurring revenues include software licenses, software implementation fees, professional services, and other non-subscription offerings. FCC = Financial & Corporate Compliance. LR = Legal & Regulatory. See footnote 2.
Health
Organic growth 4%, led by Clinical Solutions up 6% organically.
Learning, Research & Practice grew 1% organically (+5% ex-print) against a challenging comparable.
Margin mainly reflects ongoing mix shift, expense management and efficiency programs.
Health, Six months ended June 30
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
788
771
+2%
+3%
+4%
Adjusted operating profit
260
223
+17%
+17%
+15%
Adjusted operating profit margin
33.0%
28.9%
Operating profit
242
203
+19%
Net capital expenditure
17
21
Ultimo FTEs
3,536
3,434
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth.
Wolters Kluwer Health revenues increased 3% in constant currencies, partly reflecting 2024 divestments. Organic growth was 4% (HY 2024: 6%).
Adjusted operating profit increased 17% in constant currencies and 15% on an organic basis. The adjusted operating profit margin increased 410 basis-points, reflecting the absence of one-time product write-offs incurred in the prior year, the ongoing mix shift towards clinical solutions, discretionary expense management and longer term efficiency programs. IFRS operating profit increased 19% overall, reflecting the increase in adjusted operating profit and a reduced amortization of acquired identifiable intangible assets.
Clinical Solutions (58% of divisional revenues) delivered 6% organic revenue growth (HY 2024: 8%), slowing moderately due to timing of renewals, the leap year effect, and product sunsets. In the first half, we made good progress in moving our U.S. institutional customers to the new UpToDate Enterprise Edition, despite on-going pressures on hospital budgets. UpToDate Enterprise, which was commercially launched in October 2024, adds data analytics and AI-enhanced search. In June 2025, we began introducing UpToDate Enterprise in Europe. UpToDate Lexidrug and Medi-Span recorded strong organic growth, driven by new sales.
Health Learning, Research & Practice (42% of divisional revenues) recorded 1% organic revenue growth (HY 2024: 4%). Excluding print, organic growth would have been 5% (HY 2024: 5%). As expected, our medical research unit recorded slower organic growth against a prior period which had benefitted from reaching full-scale distribution for the New England Journal of Medicine. In June 2025, we launched Ovid Guidelines AI, an agentic AI module which speeds the process of turning medical evidence into guidelines for evidence-based practice. Print journal subscriptions continued to decline, as expected. In learning and practice, organic growth slowed due to a 17% downturn in print books. Our digital solutions, including Lippincott CoursePoint, saw accelerated organic growth. Lippincott Ready for NCLEX, our new solution for NCLEX6 testing and review, was enhanced with AI-enabled remediation and personalized improvement plans. In May 2025, we acquired nursing courseware provider, IntelliLearn.
Tax & Accounting
Organic growth 6%, with good performance in both North America and Europe.
Recurring revenues (92% of division) up 7% organically, with recurring cloud software up 17%.
Margin increase reflects expense management partly offset by increased investment.
Tax & Accounting, Six months ended June 30
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
837
775
+8%
+9%
+6%
Adjusted operating profit
308
271
+13%
+14%
+11%
Adjusted operating profit margin
36.8%
35.1%
Operating profit
294
263
+12%
Net capital expenditure
35
34
Ultimo FTEs
6,928
6,988
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth.
Tax & Accounting revenues increased 9% in constant currencies, partly reflecting the 2024 acquisition of the Isabel Group's cloud-based financial workflow solutions. Organic growth was 6% (HY 2024: 7%).
Adjusted operating profit increased 14% in constant currencies and 11% on an underlying basis. The adjusted operating profit margin increased, reflecting operational gearing and discretionary expense management, partly offset by increased investment. IFRS operating profit increased 12%, largely reflecting the development of adjusted operating profit.
Tax & Accounting North America (60% of divisional revenues) delivered 6% organic growth (HY 2024: 7%) driven by double-digit organic growth in our cloud software solutions in the U.S. (CCH Axcess) and Canada (CCH iFirm). Revenues from our cloud software solutions now exceed those of our on-premise applications as customers continued to migrate to the cloud versions and adopt additional workflow modules. Revenues from outsourced professional services and ancillary fees declined against a challenging comparable. Our U.S. publishing revenues were stable as growth in digital solutions was offset by print decline. In Canada, CCH iFirm launched integration with CCH AnswerConnect, allowing clients seamless access to AI-enabled tax research. We introduced an enhancement to CCH Validate, which leverages block chain technology to streamline audit workflows.
Tax & Accounting Europe (36% of divisional revenues) delivered 7% organic growth (HY 2024: 7%), with good performance across all regions. Revenue growth was driven by sustained double-digit organic growth in our cloud and hybrid-cloud software for tax advisors and small-medium enterprise customers (SMEs). In Italy, we introduced a solution for SMEs including a connection to the Genya cloud solution for tax advisors. The pre- and post-accounting workflow solutions acquired from the Isabel Group in 2024 are performing well. In the UK, our CCH iFirm practice management platform was enhanced with two additional cloud-based modules.
Tax & Accounting Asia Pacific & Rest of World (4% of divisional revenues) revenues were stable on an organic basis (HY 2024: 1% decline) as continued weakness in China was offset by growth in Australia and New Zealand (CCH iFirm and CCH iKnowConnect).
Financial & Corporate Compliance
Organic growth 4%, supported by 6% growth in recurring revenues.
Trends in transactional and other non-recurring revenues (32% of division total) deteriorated.
Margin decline reflects increased investment partly offset by expense management.
Financial & Corporate Compliance, Six months ended June 30
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
635
600
+6%
+6%
+4%
Adjusted operating profit
211
207
+2%
+3%
-1%
Adjusted operating profit margin
33.3%
34.5%
Operating profit
186
189
-2%
Net capital expenditure
34
34
Ultimo FTEs
4,099
3,810
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. See footnote 2.
Financial & Corporate Compliance revenues increased 6% in constant currencies, including initial revenues of RASi, acquired on March 13, 2025. Organic growth was 4% (HY 2024: 4% pro forma), as 6% growth in recurring revenues was partly offset by 1% decline in non-recurring revenues (HY 2024: 2% growth pro forma).
Adjusted operating profit increased 3% in constant currencies and declined 1% on an organic basis. The adjusted operating profit margin reduced by 120 basis points, reflecting increased investment, partly offset by discretionary expense management. IFRS operating profit decreased 2%, reflecting the development of adjusted operating profit combined with higher amortization and acquisition-related costs.
In Legal Services (55% of divisional revenues), CT Corporation delivered 6% organic growth (HY 2024: 6%), led by 8% organic growth in recurring service subscriptions (HY 2024: 6%). Legal Services transactional revenues slowed to 2% organic growth (HY 2024: 5%), reflecting subdued M&A activity. RASi, which serves mid-sized U.S. corporations, is performing in line with expectations.
In Financial Services (45% of divisional revenues), organic growth was 1% (HY 2024: 2% pro forma2), as 3% organic growth in recurring revenues (HY 2024: 4% pro forma) was partly offset by 4% organic decline in non-recurring revenues (HY 2024: 1% decline pro forma). Our U.S. banking compliance solutions delivered steady organic growth, led by eOriginal and insurance solutions. Lien Solutions transactional volumes turned down compared to modest growth a year ago. Finance, Risk & Regulatory Reporting revenues reflected lower professional services.
On July 21, 2025, we announced an agreement to divest the Finance, Risk & Regulatory Reporting unit to Regnology Group GmbH (Regnology) for an enterprise value of approximately €450 million, subject to closing conditions and contractual adjustments. The transaction is subject to regulatory approval and employee consultations and is expected to complete in the fourth quarter of 2025. We expect to record a non-benchmark capital gain upon completion. The use of net after-tax proceeds from the divestment will be determined after closing. Finance, Risk & Regulatory Reporting had revenues of €123 million in 2024.
Legal & Regulatory
Organic growth 6%, led by 7% growth in digital information solutions.
Software businesses grew 5% organically.
Margin increase reflects mix shift, expense management and efficiency programs.
Legal & Regulatory, Six months ended June 30
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
487
458
+6%
+6%
+6%
Adjusted operating profit
98
78
+26%
+26%
+26%
Adjusted operating profit margin
20.1%
16.9%
Operating profit
71
63
+11%
Net capital expenditure
25
26
Ultimo FTEs
4,357
4,309
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth.
Legal & Regulatory revenues increased 6% in constant currencies. Organic revenue growth picked up to 6% (HY 2024: 5%).
Adjusted operating profit increased 26% in constant currencies and 26% on an organic basis. The adjusted operating profit margin increased 320 basis points, reflecting continued mix shift towards digital solutions, expense management and efficiency programs. Reported IFRS operating profit increased 11%, reflecting the increase in adjusted operating profit partly offset by higher amortization of acquired intangibles and acquisition-related costs.
Legal & Regulatory Information Solutions (77% of divisional revenues) grew 6% in constant currencies and 6% on an organic basis (HY 2024: 5%). Digital information solutions grew 7% (HY 2024: 7%), supported by strong subscription renewals. Print products (15% of divisional revenues) recorded mixed trends. During the first half, we continued rolling out generative AI-enabled features across several key platforms. In Italy, GenAI-enabled search was integrated into OneLegale. In the Benelux, we introduced InView Legal AI Discovery and began beta testing InView Tax. In May 2025, we acquired Inisoft waste management and reporting tool, adding to our position in Czechia.
Legal & Regulatory Software (23% of divisional revenues) grew 6% in constant currencies and 5% organically HY 2024: 7%). Legal practice management software solutions, Kleos and Legisway, delivered organic growth of 9% (HY 2024: 10%). Enterprise Legal Management (ELM) Solutions recorded low single-digit organic growth (HY 2024: 6%), supported by growth in legal spend volumes. Its AI-enabled solutions, LegalVIEW Bill Analyzer and Legal Collaborator, added new customers. On June 11, 2025, Legal & Regulatory completed the acquisition of Ireland-based Brightflag, a global provider of AI-powered legal spend and matter management software for mid-size corporations. See Note 7 for more detail.
Corporate Performance & ESG
Organic revenue growth 7%, with recurring cloud software revenues up 17%.
Recurring revenues (75% of division) grew 14% organically, while non-recurring declined 10%.
Margin reflects sustained investment in product development, sales and marketing.
Corporate Performance & ESG, Six months ended June 30
€ million (unless otherwise stated)
2025
2024
∆
∆ CC
∆ OG
Revenues
305
287
+6%
+7%
+7%
Adjusted operating profit
18
18
+2%
+3%
+3%
Adjusted operating profit margin
6.0%
6.3%
Operating profit
2
4
-35%
Net capital expenditure
36
32
Ultimo FTEs
2,405
2,445
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.08); ∆ OG: % Organic growth. See footnote 2.
Corporate Performance & ESG revenues increased 7% in constant currencies and 7% organically (HY 2024: 9% pro forma). Total recurring revenues grew 14% organically (HY 2024: 13% pro forma), while non-recurring revenues declined 10%.
Adjusted operating profit rose 3% in constant currencies and 3% on an organic basis. The adjusted operating profit margin was broadly stable, reflecting sustained investment in product development, sales, and marketing. IFRS operating result was €2 million (HY 2024: €4 million pro forma), reflecting higher acquisition-related costs.
In EHS & ESG, (31% of divisional revenues), the Enablon suite delivered 10% organic growth (HY 2024: 12%). Recurring cloud software revenues grew 18% organically (HY 2024: 23%), driven by new customer additions and upselling of modules such as safety and environmental management. Non-recurring revenues (mainly on-premise software licenses) were stable compared to modest growth a year ago. Organic revenue growth was strongest in Europe and Asia Pacific.
Our Corporate Performance, Corporate Tax, and Audit & Assurance (69% of divisional revenues) businesses, in aggregate, grew 5% organically (HY 2024: 8% pro forma). The CCH Tagetik Corporate Performance Management platform recorded 5% organic growth (HY 2024: 11%), as double-digit growth in recurring cloud software was partly offset by a decline in non-recurring revenues including on-premise software licenses. Cloud software growth was driven by new customer wins, adoption of additional modules such as Planning and ESG Reporting, as well as customers upgrading to the AI-enabled CCH Tagetik Intelligent Platform. CCH Tagetik launched a CBAM7 module to support EU and UK companies in reporting emissions on their imports. Our Corporate Tax and Audit & Assurance units recorded single-digit organic growth, driven by growth in their cloud software solutions.
Corporate
Net corporate expenses were reduced by 8% in constant currencies, reflecting lower third-party expenses.
Corporate, Six months ended June 30
€ million (unless otherwise stated)
2025
