REG - Rightmove Plc - Annual Financial Report
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RNS Number : 6127U Rightmove Plc 27 February 2026
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Rightmove plc, the UK's largest property portal, today announces its audited
results for the year ended 31 December 2025
Strong results and accelerated innovation
Key headlines
· Clear value recognition by our partners and consumers:
o Partners: +2% growth in Agency membership; second-highest Estate Agency
retention in over 10 years; strong uptake of top packages in Estate Agency and
New Homes; new AI-enabled product Online Agent Valuation seeing fastest-ever
product uptake
o Consumers: record share of time spent on Rightmove at year-end (89%
Comscore; 75% SimilarWeb/data.ai/Sensor Tower)((1)) with over 85% of traffic
direct and organic((2)); strong usage of a range of new consumer features,
with several powered by AI
· Strong financial growth:
o Revenue and underlying operating profit both +9%
o Strategic growth areas of Commercial Property, Mortgages, and Rental
Services combined revenue up 25%((3)) year-on-year
o Basic earnings per share (EPS) +15% and underlying EPS +11%
· Technology innovation and AI integration accelerated, adding
value for partners and consumers:
o 24% more products/features released: years of progressing our data and
technology has enabled 31 live AI initiatives and products across the entire
business today, including the most recently launched conversational search and
an app submission to ChatGPT
o Multi-year collaboration with Google Cloud spanning infrastructure,
platform, data and AI capabilities
· As set out in the November 2025 guidance, 2026 will see accelerated
investment in Consumer and Partner innovation, AI-powered operations and new
growth initiatives: delivering further value and supporting sustained
double-digit growth into the medium term and beyond
· £90m share buyback announced today, to be completed by 31 July
2026; final dividend of c.£50m will be paid in May 2026
Financial highlights
All metrics in line with guidance:
2025 2024 Change vs 2024 % Change vs 2024
Revenue £425.1m £389.9m £35.2m +9%
Operating profit £287.9m £256.3m £31.6m +12%
Underlying operating profit((4)) £297.7m £273.9m £23.8m +9%
Final dividend per share 6.59p 6.10p 0.49p +8%
Basic earnings per share 28.1p 24.4p 3.7p +15%
Underlying basic earnings per share((6)) 29.1p 26.2p 2.9p +11%
· Revenue grew by 9% on 2024, as Agency and New Homes developer
partners chose to invest in products and new packages. Total membership
increased 1% across Agency and New Homes
· Operating profit up 12% reflecting increased revenue, disciplined
cost management and the absence of any one-off transaction-related costs
(2024: £9.2m)
· Underlying operating profit(()(4)) up 9% and with underlying
operating profit margin of 70%(()(5)), in line with full-year guidance
· Final dividend up 8% to 6.59p per share (2024: 6.10p). Total
dividend up 9% to 10.64p (2024: 9.8p)
· £219.7m of surplus cash returned to shareholders through share
buybacks and dividends (2024: £181.7m), an increase of 21% year on year.
21.4m shares (3% of outstanding share capital) purchased and cancelled
(2024: 18.8m, 2%)
· Basic earnings per share up 15%, with 11% growth in underlying
basic earnings per share((6))
ARPA and Membership
Average Revenue per Advertiser (£) 2025 2024 Change vs % Change vs 2024
2024
Agency((7)) 1,530 1,440 90 6%
New Homes((8)) 2,135 1,987 148 7%
Total ARPA((9)) 1,621 1,524 97 6%
Membership 31 Dec 31 Dec 2024 Change vs % Change vs 2024
2025 2024
Agency branches 16,385 16,124 261 2%
New Homes developers 2,887 2,923 (36) (1%)
Total membership 19,272 19,047 225 1%
· Average Revenue per Advertiser ("ARPA")((9)) grew by £97 (+6%), with
growth predominantly product-led, across both Agency and New Homes
· Total membership increased marginally, driven by growth in Agency
members reflecting both high retention and increased new agent formation
· Agent formation was the highest on record, as new entrants were
encouraged by a more favourable market, aided by lowering interest and
mortgage rates
· New Homes developments' marginal decrease reflects continued
lower levels of new builds coming to market
· Average total membership across the year increased 2% on 2024, with
Estate Agency branches up 372 (+2%) and New Homes developments up 40 (+1%)
Operational highlights
· Consumer:
o Sustained high engagement and traffic growth, the second highest on
record, with 16.8 billion minutes spent on the platform in the year, up 2%
(2024: 16.4 billion). Over 85% of traffic was direct and organic(()(2))
o Share of time remained strong at >80% per Comscore (89% in December
2025) and >70% per SimilarWeb/Data.ai/SensorTower (75% in December
2025)((1))
o Engagement numbers doubled across social media (Facebook, Instagram,
LinkedIn and TikTok, which reach all generations of home movers)((10)). Our
strong base of mobile app user recorded a year-on-year 11% increase and we
grew the number of consumers subscribed to our marketing CRM by 15%, to c.10m
· Partner:
o Continued growth in the uptake of our top packages:
§ 'Optimiser Edge' for estate agents, with 35% of independent estate agents
subscribing (December 2024: 31%); and
§ Launch of a new top package 'Ascend' for New Homes developers in May, with
28% of developments on the new package by year end
o Incremental product spend within packages delivered strong ARPA growth as
partners increased usage of existing products and purchased new products
o More than 50% of independent agents purchased incremental product above
their package commitment, highlighting the value that they see from our
products
o Products continue to provide strong outcomes for partners, for example,
delivering 7 out of 10 vendor instructions within resale, and 8 out of 10
tenants for lettings properties((1)(2))
o Retention of existing agency partners was above 90%, the second-highest
retention in over 10 years (2024: 90%)
o Delivered further value to partners through our "Building Success
Together" programme, through inclusive tools and services such as:
§ Rightmove Hub for training and industry insights (with over 60,000 accounts
now signed up);
§ Rightmove Plus for business management (>25 enhancements/new features in
2025, and with 28 million sessions in the year, equivalent to every Estate
Agency branch logging in on average 5 times per day); and
§ Tailored account management meetings (over 75,000 across the business)
§ Sponsorship or collaboration with PropertyMark, Women in Estate Agency, and
Agents Together in Estate Agency; the Home Builders Federation in New Homes,
and the Association for Rental Living in Rental Operators
· Strategic growth areas:
o Commercial Property revenue grew 13% to £15.3m (2024: £13.5m), attracted
over 275 (+29%) more partners, increasing membership to 1,227 (2024: 949), and
achieved over 60% of online user time((1)(1)). ARPA was £1,108 (2024:
£1,260), reflecting the impact of lower ARPA partners joining
o Rental Services revenue grew 35% to £7.1m (2024: £5.2m) due to growing
take up of the Lead to Keys product and 17% growth in ancillary sales of
utilities, broadband and insurance packages
o Mortgages revenue increased by 46% year-on-year to £6.8m (2024: £4.7m),
introducing £34bn of potential lending to our partners (2024: £24bn)
o Together, these three areas contributed £29.1m in revenue, up 25% on 2024
· Data and innovation to deliver value:
o Rightmove benefits from 4 petabytes (PB) of historic and live data - all
stored on its unified and cloud enabled data platform - with over 90%
proprietary to Rightmove. This data is processed by c.200 proprietary models
to create differentiated outcomes to both consumers and partners
o Highest ever delivery of technology releases from our product teams - more
than 6,000 during the year - leveraging Rightmove's data and technology, along
with insights from c.20,000 minutes of user testing, over 85,000 surveys, and
c.500,000 recorded web and app sessions
o Examples of new products for partners included Online Agent Valuation and
AI-enhanced Opportunity Manager for Estate Agents, Direct Appointment Booking
for New Homes, a new data API and property details pages for Commercial
partners, and upgrades to Rightmove Plus and the Rightmove Hub
o Examples of new features for consumers included MyPlaces, Style with AI,
AI Keywords within the app, a global-first Property Checker within Mortgages,
and a Renters Checklist within MyRightmove
o A multi-year collaboration with Google Cloud enables Rightmove to lead
digital innovation in the property ecosystem, leveraging its extensive
datasets and accelerate products that deliver value to consumers and partners
Current end-market trends
Property end-market trends remain supportive for our partners' businesses.
Financial markets currently expect further cuts to the current Bank of England
base rate of 3.75%((13)) by the end of 2026. The lowest 2-year fixed mortgage
rate at 31 January 2026 stood at 3.45%, down 80bps year-on-year((14)).
In the sales sub-market, 1.2 million transactions completed in 2025 (in line
with the long-run average and 10% higher year-on-year)((15)). Following a
subdued trend during the autumn due to the Budget, activity picked up again
and agents are entering 2026 carrying the largest-ever pipeline of stock
available for sale. New homes developments in the market remain at low
historic levels due to softer build rates.
Within the lettings sub-market, supply and demand continue to rebalance to 10
enquiries per rental home, although enquiries per available property remain
above pre-COVID levels at 6-7, and rent levels are seeing more modest growth
(+1% in January 2026 compared to January 2025).
Current trading
Rightmove has entered 2026 with strong momentum. Significant activity over the
last two months included:
· Online Agent Valuation becoming the fastest-growing new product
released by Rightmove, ahead of previous launches of products such as Sold by
Me, Native Search Adverts and Auto-Featured Property. This digital tool
enables more interaction options for potential vendors and agents and will
support ongoing upgrades to Optimiser Edge and incremental ARPA growth;
· Our next phase of AI-enabled features for consumers, included the
launch of conversational search live on our platform as part of plans to
enable new forms of property search, leveraging Rightmove's and Google Cloud's
capabilities towards a future AI-powered property marketplace;
· The submission of an app within the ChatGPT ecosystem as we continue
to explore within our mindset of "However you discover, we have you covered";
· A new partnership with NatWest, the UK's leading mortgage provider
through digital channels, to accelerate the digital mortgage journey on
Rightmove; and,
· The appointment of a flexible resourcing partnership for software
development. This will support business velocity to deliver our product
development strategy, as well as capacity flexibility for the future.
With these initiatives and more, the Rightmove team has started 2026 with
energy, momentum and ambition.
Outlook
In line with our guidance set in November, we continue to expect 2026 revenue
growth of 8-10%, underpinned by top package uptake across Agency (Optimiser
Edge) and New Homes (Ascend), further product-led growth (including Online
Agent Valuation) and continued progress within our strategic growth areas of
Commercial Property, Mortgages and Rental Services, which we expect to grow by
20-30%.
We expect year-on-year growth in the second half of 2026 to be stronger than
the first half. First half growth is impacted by fewer developments coming
into the year and the strong mortgage comparator last year.
We anticipate c.1% growth in membership and ARPA growth of £110-120 across
Agency and New Homes.
As announced in November 2025, we are accelerating further our investment in
innovation and value delivery for our consumers and partners across the
Rightmove platform. Reflecting this period of investment, we expect
underlying operating profit growth of 3-5% in FY26, resulting in an underlying
operating margin of 67%. Underlying operating profit growth in later years
is expected to be at higher levels, in line with the ambitions set in
November.
We expect 2026 underlying basic earnings per share growth of at least 5%.
We are also pleased to announce restarting the share buyback programme, with
£90m to be completed by 31 July 2026. This will be funded by a combination
of our opening surplus cash and cash generated from operations, with cash
balances expected to be c.£20m at 30th June 2026.
The strength of our business model, our clear strategy, and our innovation
pace underpin the Board's confidence in Rightmove's outlook for 2026 and
beyond.
Johan Svanstrom, CEO of Rightmove, said:
"These strong business results demonstrate the high quality and sustained
usage of the Rightmove platform in all property market cycles. We create value
as a leading digital enabler of the property market, delivering that value
through the high quality and trusted foundations of our business, underpinned
by proprietary data and ongoing product innovation. In late 2025, we announced
increased investment to further accelerate innovation and value generation.
"Building on several years of technology leadership and launching of AI
powered solutions, we most recently complemented our broad product range with
a conversational search tool, developed in collaboration with Google Cloud.
Looking ahead, we will introduce a Rightmove app-in-GPT on OpenAI in the near
future.
"We have entered 2026 with confidence in our performance, leading with valued
and specialised services that scale and deliver strong returns. We continue to
execute our strategy to develop the leading digital ecosystem for the entire
home-moving experience, powered by exceptional data and network effects."
The Company will present its results at a meeting today for analysts and
investors at 9:30am, available online here:
https://edge.media-server.com/mmc/p/a6y38xmq
Enquiries: Investor Relations investor.relations@rightmove.co.uk
(mailto:investor.relations@rightmove.co.uk) Sodali
rightmove@sodali.com (mailto:rightmove@sodali.com)
(1) Time in minutes spent on Rightmove platforms (site and app):
most recent available month of data. Source: SimilarWeb (website), Data.ai
(app), SensorTower, December 2025 75% (December 2024: 75%). Comscore MMX®
Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience,
Custom-defined list of Rightmove sites, zoopla.co.uk, primelocation.com,
onthemarket.com, United Kingdom, December 2025 89% (December 2024: 83%)
(2) Source: Google Analytics
(3) Strategic growth areas' revenue - 2025: £29.1m, 2024: £23.4m
(4) Underlying operating profit is operating profit before
share-based payments charges (including the related National Insurance charge)
and transaction-related charges
(5) Underlying operating margin is defined as the underlying
operating profit as a percentage of revenue
(6) Underlying basic earnings per share (EPS) is defined as
underlying profit (profit for the year before share-based payments charges
including the related National Insurance, transaction-related charges and
appropriate tax adjustments), divided by the weighted average number of
ordinary shares outstanding during the year
(7) Agency ARPA is calculated as revenue from Agency
advertisers/customers in a given month divided by the total number of
advertisers during the month, measured as a monthly average for the year
(8) New Homes ARPA is calculated as revenue from new homes
developers in a given month divided by the total number of advertisers during
the month, measured as a monthly average for the year
(9) Average Revenue per Advertiser (ARPA) is calculated as revenue
from Agency and New Homes advertisers in a given month divided by the total
number of advertisers during the month, measured as a monthly average over the
year
(10) SimilarWeb (website) and Data.ai (app) January-December 2025 vs
January-December 2024, for Facebook, Instagram, LinkedIn, Tiktok.
'Engagement' defined as reactions, comments, shares, saves, link clicks and
profile actions
(11) Source: SimilarWeb, December 2025. Share of all time driven by
Rightmove (commercial sections only), Zoopla (commercial sections only),
Loopnet, NovaLoca and Estates Gazette
(12) Vendor instructions: Street (January-December 2025). Tenants
delivered: RLTS tenant survey (January-December 2025). Question: "How did you
find the property you are applying for?"
(13) Bank of England
(14) Rightmove Mortgages tracker
(https://www.rightmove.co.uk/news/articles/property-news/current-uk-mortgage-rates/
(https://www.rightmove.co.uk/news/articles/property-news/current-uk-mortgage-rates/)
)
(15) HMRC "Monthly property transactions completed in the UK with value
of £40,000 or above". 1.21m transactions in 2025 compares to an annual
average since 2015 of 1.20m
(https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above
(https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above)
)
About Rightmove
· Rightmove has the UK's largest selection of properties for sale and
to rent, adds more listings than anyone else, and over 80%(1) of all time
spent on property portals is on Rightmove.
· Rightmove's vision is to give everyone the belief that they can make
their move by giving people the best place to turn and return to for access to
tools and expertise to make it happen.
· People can search Rightmove for residential resale, new homes, rentals,
commercial property and overseas properties and use tools and information
including getting a Mortgage in Principle, checking local sold prices,
property valuations, market trends, maps and schools.
· Customers include the following key groups: estate agents, lettings
agents, new homes developers, rental operators, commercial property operators
and overseas property agents and financial services operators
· Using the UK's largest housing datasets, we issue regular reports to
track housing market indicators: our monthly House Price Index (established
2002), quarterly Rental Trends Tracker (established 2015), daily Mortgage
Rates Tracker (established 2023) and quarterly Commercial Insights Tracker
(established 2024). Historical data is available on request.
· Founded in 2000, Rightmove listed on the London Stock Exchange in
2006 and is a member of the FTSE 100 index.
Chair's Statement
Delivering exceptional value and returns for 25 years
It is my pleasure to present Rightmove's results for the year ended 31
December 2025. In a year marked by strong financial performance and robust
operational delivery, Rightmove also celebrated its 25th birthday-marking a
quarter of a century of helping people across the UK make their move. This
milestone offered a valuable opportunity to reflect on how far the platform
has evolved, the pace of innovation, and the depth of trust we have built with
both consumers and partners as we look ahead to the next 25 years.
2025 was the busiest year in Rightmove's history, with property hunters
spending 16.8 billion((1)) minutes on the platform. As market conditions began
to improve - with falling interest and mortgage rates helping demand - our
partners increasingly turned to Rightmove for the tools, insights, and
products they needed to support marketing, lead generation, and local market
understanding.
Behind the scenes, innovation across Rightmove accelerated as we continued to
develop new features for consumers and new products for partners. Artificial
intelligence played an increasingly important role in delivering these
solutions. Throughout the year, we launched several AI‑powered products for
both partners and consumers, as well as equipping Rightmovers with enhanced AI
capabilities.
Against this evolving landscape, the Board focused their time continuing to
review, challenge and support the management team as they assessed progress
towards Rightmove's medium‑and long‑term strategic ambitions. This
included testing the plans and assumptions relating to both the pace and
prioritisation of investment - as well as the potential for AI to unlock
faster growth and greater cost efficiency - while confirming that the Group
has the right capabilities and expertise in place to deliver on these
ambitions, and continue to provide partners and consumers the exceptional
value they expect from the platform.
Building on this work, we refreshed our strategy to lay the foundations for
the next stage of growth - positioning us to stay ahead of shifts in
technology, AI, and consumer behaviour, and ensuring we continue to deliver
exceptional value for partners, consumers and all our stakeholders. The vital
structural role Rightmove plays within the UK property market, and the trust
that consumers and partners place in us, positions the business strongly to
navigate a fast-changing environment.
Much was achieved in 2025, and none of it could have happened without the
dedicated Rightmove team, whose work creates and delivers the value that
Rightmove provides to its partners. I would like to thank them for their
continued commitment and support.
Financial highlights and returns to shareholders
The Group's results reflect the innovation in the year, as well as strength of
the business model and our core value proposition. Revenue grew 9% to
£425.1m (2024: £389.9m), delivering underlying operating profit((2)) of
£297.7m (2024: £273.9m) and statutory operating profit of £287.9m (2024:
£256.3m).
Rightmove continued to generate strong free cashflow and, in keeping with our
policy of returning all surplus cash to our shareholders, £219.7m (2024:
£181.7m) was returned in the year. £141.1m through the share buyback
programme and £78.6m in dividend payments made in May and October. The
cash((3)) position at the year-end was £42.9m (2024: £41.2m).
The Board remains confident in Rightmove's ability to deliver sustainable
returns to shareholders and is recommending a final dividend of 6.59p per
share for 2025 (2024: 6.10p), in line with our progressive policy. The final
dividend will be paid, subject to shareholder approval, on 22 May 2026, taking
the total dividend for the year to 10.64p (2024: 9.80p).
Board changes
Non-Executive Director and Audit Committee Chair Andrew Findlay retired from
the Board on 1 June 2025. I would like to thank Andrew for the significant
contribution he made throughout his tenure to both the Board and as a highly
effective Audit Committee Chair.
Following a comprehensive search process, Amanda James was appointed to the
Board as a Non-Executive Director on 9 May 2025 and as Audit Committee
Chair on 1 June 2025. She brings extensive financial and public market
experience having previously been the CFO at Next plc for almost a decade. The
search process was led by the Nomination Committee and formed part of our
long-term succession planning.
Board governance
The Corporate Social Responsibility Committee continued to oversee the
implementation of the People and Culture Vision. Throughout the year, the
Committee received updates on a range of matters including recruitment,
performance management, gender and ethnicity pay and broader inclusion
initiatives. It also reviewed progress on the delivery of our Go Greener
strategy.
The Audit Committee maintained its focus on monitoring progress in
strengthening the internal control framework in preparation for reporting
under Provision 29 of the Corporate Governance Code. It also oversaw the
internal audit programme.
Looking ahead
Rightmove enters its next 25 years with a clear sense of purpose and strong
momentum.
Amid the changes across the broader market and rapid evolution of technology
and AI, our mission remains steadfast: to make home moving easier and simpler
through Rightmove's platform and services, to support our partners' success,
and to create sustained value for all our stakeholders.
I am very much looking forward to working with our teams in 2026 as we
continue to deliver on our strategy to achieve this.
Andrew Fisher
Chair
(1) Source: Google Analytics
(2) Underlying Operating Profit is defined as operating profit before
share-based payments charges (including the related National Insurance) and
transaction-related charges
(3) Cash includes money market deposits of £5.7m (2024: £5.5m)
CEO Report
Progress across the platform: delivering strong results, accelerating
innovation and building for the future
I'm pleased to report that in 2025, Rightmove delivered strong operational and
financial performance across the business. We achieved higher financial
growth, accelerated our platform and product capabilities, and introduced a
record number of new products for partners and consumers. We continue to
deliver against our mission to give everyone the belief they can make their
move.
In parallel, and against the rapidly evolving backdrop of AI and shifting
technology, we refreshed our strategy to enable us to stay ahead of how
consumer behaviour might evolve, strengthen our partner-facing operations, and
further leveraged our extensive proprietary datasets. We continue adding to
our core pillars for long-term value delivery and business growth.
Delivering exceptional value for all stakeholders, in all cycles of the
property market
Property market activity improved modestly in 2025, with 1.2m housing
transactions (2024: 1.1m)((1)). The early signs of market recovery in the
first half, helped by falling interest and mortgage rates that boosted
consumer affordability and confidence, slowed in the second half as
uncertainty surrounding the late November budget prompted households and
investors to pause decisions. House price growth reduced, sales agreed and
completions softened, and the average time for sellers to find a buyer (the
property cycle) lengthened to 66 days (2024: 64 days)((2)).
In the rental market, tenant demand still outweighed supply but the number of
applicants per available let reduced to 10 (2024: 14). Together with reducing
rent fee growth the market is normalising to more balanced, historically
typical levels. New Homes developers saw signs of improving sales ratios,
whilst new development openings remain subdued. The built-to-rent market
continued to be one of the fastest growing segments in UK property, with
further future penetration expected.
Throughout the year, Rightmove's broad suite of solutions continued to offer
agents, developers and other partners across segments the unique and relevant
products they needed to effectively market their brands, generate leads and
access market data. We launched c.24% more new products for partners and
features for consumers compared to 2024 that continue to provide superior
outcomes for partners; for example, delivering 7 out of 10 vendor instructions
within resale, and 8 out of 10 tenants for lettings properties((3)).
Rightmove revenue increased by 9% on 2024 reflecting the value that our
products provide to partners, with many agents and developers choosing to
upgrade and spend above package thresholds and invest in a broader range of
products. Other business areas also grew strongly at a combined rate of 11%.
The areas that we call "strategic growth areas" (commercial property,
financial services, and rental services) grew at a combined rate of 25%.
Innovation helping consumers make their move
Buyers, renters, sellers and landlords across UK continue to trust Rightmove
as the place they turn to help them make their move, with Rightmove brand
awareness remaining very strong. Google reported that more people begin their
property search with 'Rightmove' than with 'Property'((4)), and well over 80%
of all time spent on UK property portals in 2025 was spent on Rightmove (2025:
89%, 2024: 83%)((5)). Platform activity also increased, with consumers
spending more than 16.8 billion minutes researching the market (2024:
16.4 billion) ((6)). Over 85% of the traffic to our site and apps was direct
and organic((6)).
This trust and reach reflects Rightmove's position as the place where
consumers can access the highest proportion of residential properties in a
single location, combined with the quality of our platform experience and
features. Every day, we upload around 10,000 new properties, carry out
rigorous data quality checks, and log property, consumer and partner
information against our proprietary unique property reference number
framework. We maintain the UK's living map of property information.
In 2025 we continued to enhance and personalize consumer experience through
new features, driving both broader use and higher frequency engagement with
our platform. The expanding data signals generate richer insights to shape
future product developments for consumers and partners alike. We also upgraded
the Rightmove brand and marketing position, driving record social audiences
and increasing our CRM consumer relationships to c.10 million. Several of the
new consumer features are powered by AI to make the property search and
evaluation journey smarter and more intuitive.
Building success together with our partners
Rightmove's extensive consumer reach gives our partners access to the largest
UK property audience in one place, enabling them to promote their brands and
properties with leading visibility. This scale also provides rich consumer
data and signals on property intent, local market segment, and competitive
behaviour as well as real time price level dynamics.
We offer this unique intelligence in several of our partner products,
available in our Rightmove plus and Rightmove Hub partner tools. These broad
and deep solutions enable estate agents and developers to choose and build the
right mix of brand visibility, buy, sell and renter lead generation, as well
as providing operational efficiency and training tools to drive their business
and growth objectives.
The value partners see in Rightmove is reflected in strong uptake of products
outside of existing package thresholds, alongside continued high retention
(the second highest in 10 years) and positive sentiment scores.
In October, we launched Online Agent Valuation for Estate Agents. It is a
unique digital product that provides an instant property valuation estimate
and simultaneously helps consumers and agents build early relationships and
save time. The tool also enriches our platform with more up to date property
data and includes generative AI tooling supporting agent efficiency. This
product is another digital brick in our existing suite of valuation products
for consumers and partners. The product delivered record first three month
revenue for a new launch and we are very pleased with early feedback from
Partners using the product.
We upgraded Opportunity Manager for estate agents, incorporating proprietary
Rightmove AI models further strengthening behavioural signals which aim to
predict potential vendors from their usage of the Rightmove platform. We
provide estate agency partners with, high‑value leads, helping them engage
in a timely and proactive manner with consumers active in the market.
In May, we launched Ascend, a new top-tier package in New Homes developers,
achieving 28% adoption by year end. Ascend includes exclusive access to new
products, including Buyer profiles, which provides developers with an enhanced
lead that delivers a richer, more complete insight into prospective buyers
from their very first interaction, and Appointment Request, where consumers
can see a development's viewing slot, and request viewings, direct from the
Rightmove platform.
We also launched Direct Appointment Booking for New Homes, integrating
developers' calendars with the Rightmove platform so consumers can schedule
viewings in real time, with live availability. Together these appointment
solutions streamline the experience for developers and home movers-reducing
friction, improving conversion, and creating a smoother, faster journey from
initial interest to viewing.
For our Build to Rent partners, we introduced Property Reviews, which
integrates resident feedback directly into Rightmove property detail pages.
This helps renters understand the real living experience, builds confidence in
their decision-making, and showcases the strengths of partners' individual
developments.
Other enhancements to partner tools and products included a full refresh of
Rightmove Hub, our inclusive training platform, which now has over 60,000
subscribers, and new functionality within Rightmove Plus, our business
management platform. Both are included for free within all Core partner
subscriptions and together were accessed more than 28 million times during the
year. They are digital cornerstones of our "Building Success Together" partner
program, complementing the >75,000 meetings held with our dedicated account
managers over the year.
Investing in strategic growth areas
During 2025, we made strong progress across our three strategic growth areas -
Financial Services, Commercial Property and Rental Services. Combined revenue
increased 25% to £29.1m, representing 7% of total group revenue (2024:
£23.4m/6%) and contributing 16% of 2025 total revenue growth.
Revenue from the financial services offering - which provides consumers with
the ability to assess what they can borrow directly on the platform, from an
almost instant mortgage in principle (MiP) from our lender partner - increased
46% to £6.8m, as we introduced £34bn of potential lending to our partners
(2024: £24bn)((8)). We enhanced our mortgage calculator, refreshed our
instant valuation tool, and launched Mortgages Property Checker - a global
first - giving homebuyers real-time insight from securing a mortgage on a
specific property, even before viewing. 60% of consumers now attach a property
to their mortgage in principle, increasing certainty and education for the
consumer, enhancing lead quality and buyer conversations for agent partners,
and providing high-intent leads to our financing partners.
Our commercial property platform is dedicated solely to commercial properties,
with commercial users ranging from FTSE 100 businesses to small advisors.
Revenue grew 13% to £15.3m supported by a 29% increase in partner numbers,
and 26% more leads delivered to partners, evidence of the improving platform
and crucial role we have in the UK property ecosystem. We continued our
multi-year programme to refresh all aspects of the Commercial property site
and overhauled our bespoke API to ingest commercial property‑specific data.
We are now updating the search results interface to display with that enhanced
data. Over 60% of all time spent on UK commercial property portals is on
Rightmove((9)).
Rental Services revenue grew 35% to £7.1m reflecting growing use of the Lead
to Keys product and 17% growth in ancillary sales of utilities, broadband and
insurance packages((10)). We upgraded Enhanced Leads for Lettings agents which
enriches tenant enquiries with additional, pre‑qualification information to
help lettings agents identify suitable tenants faster, thus driving efficiency
for the branch. It is now integrated into partners' CRMs, delivering lead
data in real time and directly into agents' most used workflows, again
supporting efficiency. Consumer adoption has grown significantly: 50% of all
letting lead senders now use Enhanced Leads, and over 80% of lead senders are
signed in when submitting a lead((11)), improving data quality and conversion
through the whole funnel.
A refreshed strategy - accelerating towards the AI-enabled property
marketplace
Our vision remains: to give everyone the belief that they can make their move
by making the moving process easier and simpler through the Rightmove platform
and its unique combination of data, features and products.
Our strategy is to build the leading digital property market ecosystem for the
entire moving experience, powered by exceptional data and a high-quality
platform. We will continue to deliver outstanding value to consumers and
partners, powered by great and evolving technology, and in turn create
sustained growth and exceptional returns for shareholders.
Rightmove has a long track record of reliably delivering returns in a
competitive environment and, in the last two years, against a rapidly evolving
backdrop shaped by accelerating advances in AI. While we believe that the
future of digital search will evolve in new ways, our ambition is clear. We
intend to continue to lead and futureproof the business and, by leveraging our
extensive and proprietary datasets and attractiveness of our platform to our
partners and consumers, create and capture opportunities, grow the business
and drive the next phase of growth.
We outlined this direction at our Investor Update in November 2025. We had 31
AI initiatives underway at the end of 2025((12)), built on powerful data and
platform capabilities, and with several years of active AI programs across the
entire business. From this strong foundation, and with AI technology
becoming more production ready and secure, we will increase investment and
progress in three specific areas.
Firstly, through accelerating consumer-facing innovation across AI powered
search, our strong mobile apps and further into the "beyond Find" steps of the
moving journey. We will create greater utility, stronger data loops and
expanded monetisation opportunities. Secondly, in scaling AI-powered
operations to deliver seamless experiences and strong productivity gains, both
internally and for our partners. Thirdly, through expanding strategic R&D
capabilities into new growth opportunities.
This investment will deepen Rightmove's role in digitising the UK property
market ecosystem, enhancing our attractiveness of our platform to our partners
and consumers and enabling more efficient operations. It will deliver value
for consumers and partners on the platform and generate exceptional long-term
value for all stakeholders.
Making a difference to communities
We believe a responsible business is one that supports its people, customers
and communities and creates an environment where collaborative, values-driven
decisions shape long term opportunity and resilience. Sustainability and
giving back to the communities in which we operate, is a central part
Rightmove's values and culture of "doing the right thing".
Through charitable partnerships, employee volunteering programmes and matched
funding for employee led initiatives, we continued to support organisations
working at both national and local levels, including many of our partners'
charities of choice.
Rightmove also continued to play its part in the UK's environmental
sustainability agenda and in supporting the wider transition of the UK built
and construction sectors - which is responsible for roughly a quarter of
national emissions((13)) - towards a low carbon future. By leveraging the
Rightmove platform, data insights and reach, we play an active role in
empowering consumers, partners and industry stakeholders to make greener
choices. Our progress in lowering our own science-based emissions reduction
targets, and our carbon transition planning, is outlined in the sustainability
section of the Annual Report.
Moving forward with the Rightmove team
The progress made across our platform in 2025 - delivering exceptional value
to consumers and partners while growing the business both operationally and
financially - would not have been possible without our talented team of
Rightmovers.
They are creative, hardworking and collaborative - united by our five values,
the 'Hows' - and share a strong commitment to creating value and making a
meaningful difference for both partners and consumers. This is reflected
internally in the latest Have Your Say survey, where 89% of employees said
that Rightmove is 'a great place to work', and externally through the Sunday
Times "Best Places to Work 2025" survey, where we were represented for the
second consecutive year.
During the year, we continued to attract and retain the best talent, elevate
performance, and strengthen employee engagement and enablement. We accelerated
our people and talent strategy, redesigning recruitment processes to ensure
cultural alignment, introducing the Healthy High-Performance Way - a refreshed
performance framework that provides clarity and a shared sense of direction
aligned to company objectives - and equipping our workforce with AI training
and tools. We expanded our benefits offerings with an electric vehicle
salary-sacrifice scheme, alongside new non-financial recognition programmes
and awards.
Rightmove plays a central and expanding role as a digital market enabler in
the UK property sector, and I am proud of what we achieved in 2025. We make
the move easier for consumers and partners, delivering long-term exceptional
value for our shareholders.
As we move into 2026, I am excited to be accelerating our momentum and
investing for the long term, and I look forward to supporting the Rightmove
team delivering on our vision.
Johan Svanstrom
Chief Executive Officer
(1) Source: HMRC for historical data in millions
(2) Source: Google Analytics
(3) Source: Rightmove
(4) Source: Google Analytics
(5) Source: Time in minutes spent on Rightmove platforms (site and app): most
recent available month of data. Source: SimilarWeb (website), Data.ai (app),
Sensor Tower, December 2025 75% (December 2024: 75%). Comscore MMX® Desktop
only + Comscore Mobile Metrix® Mobile Web & App, Total Audience,
Custom-defined list of Rightmove sites, zoopla.co.uk, primelocation.com,
onthemarket.com, United Kingdom, December 2025 89% (December 2024: 83%)
(6) Source: Google Analytics
(7) Source: Rightmove
(8) Source: Google Analytics
(9) Source: Google Analytics
(10) Rental Services ancillary revenue - 2025 £2.6m, 2024 £2.2m
(11) Source: Rightmove
(12) Source: Rightmove
(13) Source: UK Green Building Council
Financial review
Strong financial performance across the business
Overview
Revenue increased by £35.2m, growth of 9%, to £425.1m (2024: £389.9m). This
was driven by strong uptake of products and packages from agents and
developers and 25% growth in the strategic growth areas, comprising
Commercial, Mortgages and Rental Services.
Operating profit of £287.9m increased by 12% on 2024. Underlying operating
profit((1)) of £297.7m increased by 9% compared to 2024 (2024: £273.9m),
with an underlying operating profit margin((2)) of 70% (2024: 70%).
The UK property market saw a modest rise in transactions to 1.2m (1.1m in
2024), while house prices remained flat. Although more sellers entered the
market, buyer caution persisted, resulting in elevated resale stock levels.
This supported agents through stronger pipelines and enabled new agents to win
mandates; however, near record resale availability continued to crowd out the
New Homes market, where new development build rates remained subdued.
As a result, New Homes membership declined by 1% year on year, though this was
more than offset by growth in Agency membership, resulting in a 1% increase in
total membership. New Homes ARPA((3)) grew 7% as developers competed harder
for buyer attention, driving 9% revenue growth. Agency revenue also grew 9%
due to ARPA((4)) increasing 6% and membership up 2%. The Other business units
performed strongly, growing 11%, led by Mortgages and Commercial.
Revenue
2025 2024 Change vs 2024 £m Change vs 2024 %
£m
£m
Agency 304.7 280.0 24.7 9%
New Homes 75.3 69.2 6.1 9%
Other 45.1 40.7 4.4 11%
Total revenue 425.1 389.9 35.2 9%
Membership 2025 2024 Change vs 2024 Change vs 2024 %
Agency branches 16,385 16,124 261 2%
New Homes developments 2,887 2,923 (36) (1%)
Total membership 19,272 19,047 225 1%
Agency
Agency revenues grew 9% to £304.7m, driven mainly by ARPA growth supported by
higher discretionary product spend and continued package upgrades to Optimiser
Edge.
Agency ARPA((4)) increased 6% (+£90) to £1,530 (2024: £1,440) with 62% of
the increase coming from product growth. Uptake of the top tier Optimiser Edge
package remained strong, with penetration reaching 35% (2024: 31%). As well as
upgrades, ARPA also benefited from Partners purchasing incremental products:
52% of agents spent above their monthly commitment on incremental products,
reflecting the value they see from our products.
Membership ended the year up 2% at 16,385 branches (2024: 16,124), supported
by strong retention (90%) and increased new agent formation, reflecting
favourable market conditions for new agents.
Included within Agency, Rental Services grew 35%, driven by strong growth
across the Lead to Keys product.
New Homes
New Homes revenue grew 9% to £75.3m. In a subdued new homes market, average
membership increased 1% over the year; however, year-end membership fell 1%
(36 branches) to 2,887 (2024: 2,923) as new developments coming to market
remained low. New Homes ARPA((3)) rose 7% (+£148) to £2,135 per development
per month (2024: £1,987) as developers invested more to sell existing
developments.
Revenue growth was driven primarily by product and package related spend,
which contributed 61% of ARPA growth. This included upgrades to the Advanced
package, strong adoption of the new top tier Ascend package launched in May -
which reached 28% penetration by year end - and incremental product purchases
above package thresholds.
Other
Other business units' revenue grew 11% to £45.1m due to strong performance in
Mortgages and Commercial. Mortgages revenue increased 46%, growth of £2.1m to
£6.8m, as more consumers used the Rightmove Mortgage in Principle product to
assess their affordability. Commercial Real Estate revenue grew 13%, an
increase of £1.8m to £15.3m, reflecting a 29% rise in membership to 1,227.
The impact of lower-ARPA Partners joining reduced ARPA to £1,108 (2024:
£1,260).
Data Services, Overseas and Third-Party Advertising collectively contributed a
further £0.5m of growth. The strategic growth areas (Commercial Property,
Financial Services, and Rental Services) grew at a combined rate of 25%.
Administration costs
Operating costs increased by 3%, from £133.6m to £137.2m, reflecting £11.4m
of underlying cost increases and £1.4m higher share-based incentives charges,
partly offset by the absence of prior-year transaction-related charges (2024:
£9.2m).
Underlying operating costs((5)) (operating costs excluding share-based payment
charges of £9.8m) were £127.4m (2024: £116.0m), a 10% increase of £11.4m.
This reflects increases of:
· £5m payroll costs from a 5% increase in average headcount (900 vs
861), average salary inflation of 4%, and higher National Insurance payments
following the April rate change.
· £4m technology costs due to additional cloud hosting and migration
costs, investment in new systems, and increased cyber security spend.
· £2m marketing costs reflecting continued investment in consumer and
partner marketing
· £2m depreciation and amortisation primarily from amortisation of
capitalised internal labour relating to product development.
· Partially offset by a reduction of £1m in General &
Administrative costs due to a decrease in areas such as recruitment and bad
debt.
The share-based payments charge increased to £9.8m, up 17% from 2024 (2024:
£8.4m), due to new awards and higher National Insurance. Transaction-related
costs were £nil in the current year (2024: £9.2m).
Operating profit and earnings per share (EPS)
2025 2024 Change £m Change %
£m £m
Revenue 425.1 389.9 35.2 9%
Administrative expenses (137.2) (133.6) (3.6) (3%)
Operating Profit 287.9 256.3 31.6 12%
Operating margin 68% 66%
Excluding charges that are not entirely driven by the principal operational
activity of the Group:
Share-based payments charges 9.8 8.4 1.4 17%
Transaction-related costs 0.0 9.2 (9.2) 100%
Underlying Operating Profit((1)) 297.7 273.9 23.8 9%
Underlying operating margin((2)) 70% 70%
Basic Earnings per Share 28.1 24.4 3.7 15%
Underlying earnings per share((6)) 29.1 26.2 2.9 11%
Operating profit increased 12% to £287.9m, delivering an operating profit
margin of 68% (2024: 66%). The increase was driven by 9% growth in revenue and
the absence of prior year transaction-related charges, which offset the higher
underlying costs and increased share-based incentive charges.
Underlying operating profit((1)) of £297.7m increased by 9%/£23.8m compared
to 2024 (2024: £273.9m), with an underlying operating profit margin((2)) of
70% (2024: 70%).
Earnings per share (EPS)
Basic EPS increased 3.7p to 28.1p (2024: 24.4p) reflecting the increase in
profit and the impact of the share buyback programme in reducing the weighted
average number of ordinary shares in issue by 2% to 772.4m (2024: 790.2m).
Underlying basic EPS((6)) (based on underlying operating profit((1)))
increased by 11% to 29.1p (2024: 26.2p).
Taxation
Profit before taxation increased 12% to £290.0m, with a tax charge of £72.9m
(2024: £65.7m). The resulting effective tax rate for the year was 25.1%
(2024: 25.4%), marginally higher than the UK statutory rate of 25.0%.
Rightmove's total tax contribution to the UK Exchequer in 2025 was £178.4m
(2024: £161.0m). Of this, £83.7m (2024: £75.0m) related to taxes borne by
the Group, while the remaining £94.7m (2024: £86.0m) was collected in
respect of payroll taxes and VAT. The increase in total tax contribution
compared to the prior year is primarily due to the increase in operating
profit which impacted both corporation tax and VAT.
Summary consolidated statement of financial position
2025 2024 Change
£m £m £m
Property, plant and equipment 9.5 8.4 1.1
Intangible assets 41.1 36.2 4.9
Deferred tax asset 1.0 1.4 (0.4)
Trade and other receivables 32.4 29.0 3.4
Contract assets 1.3 1.3 -
Income tax receivable - 0.9 (0.9)
Money market deposits 5.7 5.5 0.2
Cash 37.2 35.8 1.4
Trade and other payables (32.6) (27.0) (5.6)
Income tax payable (0.5) - (0.5)
Contract liabilities (3.5) (3.2) (0.3)
Lease liabilities (7.2) (6.2) (1.0)
Provisions (1.7) (0.8) (0.9)
Other liabilities (0.4) (0.4) -
Net assets 82.3 80.9 1.4
Rightmove's balance sheet at 31 December 2025 has total equity of £82.3m
(2024: £80.9m), including cash and money market deposits of £42.9m (2024:
£41.3m).
Property, Plant and equipment of £9.5m increased £1.1m primarily due to an
additional lease added for the London office of £3.0m, as well as usual
additions of leased motor vehicles and computer equipment totalling £2.0m,
partially offset by depreciation of £3.9m.
The increase in intangible assets of £4.9m, to £41.1m, is due to the impact
of capitalised internal labour costs totalling £9.3m, offset by amortisation
of £4.4m.
Trade and other receivables of £32.4m increased by £3.4m (2024: £29.0m),
primarily reflecting higher trade receivables due to higher revenues and
timing of year-end receipts.
Trade and other payables of £32.6m increased by £5.6m (2024: £27.0m) mainly
due to timing of invoices and VAT payments.
Lease liabilities increased £1.0m due to the additional London office lease,
partially offset by the unwinding of existing lease balances over time.
Provisions increased £0.9m due to remeasurement of dilapidations across all
property leases.
There were no contingent liabilities.
The closing cash balance, including money market deposits, was £42.9m (2024:
£41.3m).
Cash flow, capital structure and dividends
Rightmove continued to see strong cash generation at 107% of operating
profit((7)) (2024: 108%) with the slight decline driven by working capital
movements.
Operating cash flow rose by £30.4m to £308.0m (2024: £277.6m). Cash used in
investing activities decreased by £9.5m to £7.7m (2024: £17.2m), reflecting
the absence of acquisitions made in 2024, partially offset by higher
investment across the business.
Dividends of £78.6m were paid during the year, covering the 2024 final
dividend and the 2025 interim payment (2024: £74.3m). Cash returned to
shareholders through the share buyback programme increased £33.7m to £141.1m
(2024: £107.4m), with 21.4m ordinary shares (3% of outstanding share capital)
purchased and cancelled (2024: 18.8m, 3%) In total, shareholder distributions
amounted to £219.7m (2024: £181.7m).
The capital allocation policy remains: organic investment continues to be
prioritised, alongside the assessment of value-accretive M&A opportunities
to accelerate strategy execution. Surplus cash is returned through a
progressive dividend policy linked to earnings growth, with any remaining
funds allocated to share buybacks.
Consistent with this policy, the Directors recommend a final dividend of 6.59p
per ordinary share, bringing the total dividend for the year to 10.64p-an
increase of 9% on the 2024 dividend. Subject to shareholder approval, the
final dividend will be paid on 22 May 2026 to shareholders on the register as
of 24 April 2026.
Ruaridh Hook
Chief Financial Officer
26 February 2026
(1) Underlying operating profit is defined as operating profit
before share-based payments charges (including the related National
Insurance), and transaction-related charges.
(2) Underlying operating margin is defined as the underlying
operating profit as a percentage of revenue.
(3) New Homes ARPA is calculated as revenue from New Homes
developers in a given month divided by the total number of developers during
the month, measured as a monthly average over the year.
(4) Agency ARPA is calculated as revenue from Agency customers in a
given month divided by the total number of advertisers during the month,
measured as a monthly average over the year.
(5) Underlying costs are defined as administrative expenses before
share-based payments charges (including the related National Insurance), and
transaction-related charges.
(6) Underlying basic earnings per share (EPS) is defined as profit
for the year before share-based payments charges (including the related
National Insurance), and transaction-related charges and appropriate tax
adjustments, divided by the weighted average number of ordinary shares
outstanding during the period.
(7) Cash generated from operating activities of £308.0m (2024:
£277.6m) compared to operating profit as reported in the income statement of
£287.9m (2024: £256.3m).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
AS AT 31 DECEMBER 2025
2025 2024
Note £000 £000
Revenue 3 425,129 389,882
Administrative expenses (137,255) (133,552)
Operating profit 4
287,874 256,330
Underlying operating profit: 297,689 273,916
Share-based incentive charge 12 (9,815) (8,356)
Transaction related charges 4 - (9,230)
Financial income 2,634 2,617
Financial expenses (557) (547)
Net financial income 2,077 2,070
Profit before tax 289,951 258,400
Income tax expense 7 (72,884) (65,687)
Profit for the year being total comprehensive income 217,067 192,713
Attributable to:
Equity holders of the Parent
217,067 192,713
Earnings per share (pence)
Basic 5 28.1 24.4
Diluted 5 28.0 24.3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Note 2025 2024
£000 £000
Non-current assets
Property, plant and equipment 9,510 8,385
Intangible assets 8 41,130 36,245
Deferred tax asset 1,012 1,449
Total non-current assets 51,652 46,079
Current assets
Trade and other receivables 9 32,372 29,001
Contract assets 1,251 1,270
Income tax receivable - 905
Money market deposits 5,683 5,482
Cash and cash equivalents 37,223 35,761
Total current assets 76,529 72,419
Total assets 128,181 118,498
Current liabilities
Trade and other payables 10 (32,568) (27,036)
Lease liabilities (3,562) (2,497)
Contract liabilities (3,485) (3,168)
Income tax Payable (501) -
Other Current Liabilities (428) -
Total current liabilities (40,544) (32,701)
Non-current liabilities
Other non-current liabilities - (417)
Lease liabilities (3,622) (3,665)
Provisions (1,717) (853)
Total non-current liabilities (5,339) (4,935)
Total liabilities (45,883) (37,636)
Net assets 82,298 80,862
Equity
Share capital 10 774 795
Other reserves 658 637
Retained earnings (net of own shares held) 80,866 79,430
Total equity attributable to the equity holders of the Parent
82,298 80,862
The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of Directors on 26
February 2026 and were signed on its behalf by:
Johan Svanstrom
Director
Ruaridh Hook
Director
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
£000
£000
Cash flows from operating activities
Profit for the year 217,067 192,713
Adjustments for:
Depreciation charges 3,937 3,613
Amortisation charges 4,391 2,386
Financial income (2,634) (2,617)
Financial expenses 557 547
Fair value movements on investment - 3,000
Share-based payments 8,539 7,439
Provision Charge 852 -
Income tax expense 72,884 65,687
Operating cash flow before changes in working capital 305,593 272,768
(Increase)/decrease in trade and other receivables (3,446) 2,429
Increase in trade and other payables 5,532 2,299
Decrease/(increase) in contract assets 19 (511)
Increase in contract liabilities 317 632
Cash generated from operating activities 308,015 277,617
Financial expenses paid (535) (538)
Income taxes paid (71,181) (65,809)
Net cash from operating activities 236,299 211,270
Cash flows used in investing activities
Interest received on cash and cash equivalents 2,435 2,404
Acquisition of property, plant and equipment (903) (1,055)
Acquisition of subsidiary, net of cash received - (7,552)
Acquisition of investment - (3,000)
Acquisition of intangible assets (9,276) (8,023)
Net cash used in investing activities (7,744) (17,226)
Cash flows used in financing activities
Dividends (78,565) (74,308)
Purchase of own shares for cancellation (141,095) (107,441)
Purchase of own shares for share incentive plans (4,036) (7,325)
Cost incurred on purchase of own shares (1,021) (804)
Payment of principal portion of lease liabilities (3,146) (2,781)
Proceeds on exercise of share-based incentives 770 735
Net cash used in financing activities (227,093) (191,924)
Net increase in cash and cash equivalents 1,462 2,120
Cash and cash equivalents at 1 January 35,761 33,641
Cash and cash equivalents at 31 December
37,223 35,761
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Own Reverse acquisition reserve
Share capital shares Other £000 Retained earnings Total
£000 held reserves £000 equity
£000 £000 £000
At 1 January 2024 814 (13,740) 480 138 81,664 69,356
Total comprehensive income
Profit for the year - - - - 192,713 192,713
Transactions with owners recorded directly in equity
- - - - 7,439 7,439
Share-based payments
Tax credit in respect of share-based - - - - 497 497
incentives recognised directly in equity
Dividends - - - - (74,308) (74,308)
Exercise of share-based awards - 1,103 - - (368) 735
Purchase of shares for share incentive plans - (7,325) - - - (7,325)
Cancellation of own shares (19) - 19 - (107,441) (107,441)
Costs of shares purchases - - - - (804) (804)
At 31 December 2024 795 (19,962) 499 138 99,392 80,862
At 1 January 2025 795 (19,962) 499 138 99,392 80,862
Total comprehensive income
Profit for the year - - - - 217,067 217,067
Transactions with owners recorded directly in equity
Share-based payments - - - - 8,539 8,539
Tax charge in respect of - - - - (223) (223)
share-based incentives recognised directly in equity
Dividends - - - - (78,565) (78,565)
Exercise of share-based incentives - 3,194 - - (2,424) 770
Purchase of shares for - (4,036) - - - (4,036)
share incentive plans
Cancellation of own shares (21) - 21 - (141,095) (141,095)
Costs of share purchases - - - - (1,021) (1,021)
At 31 December 2025 774 (20,804) 520 138 101,670 82,298
The accompanying notes form part of these financial statements.
NOTES
1 General information, judgements and estimates
The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2025 or 2024 but is derived
from those accounts. Statutory accounts for 2024 have been delivered to the
registrar of companies, and those for 2025 will be delivered by 31 March 2026.
The auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
Rightmove plc (the Company) is a public limited company registered in England
(Company no. 6426485) domiciled in the United Kingdom (UK). The consolidated
financial statements of the Company as at and for the year ended 31 December
2025 comprise the Company and its interest in its subsidiaries (together
referred to as the Group).
The consolidated financial statements of the Group as at and for the year
ended 31 December 2025 are available on the corporate website at
plc.rightmove.co.uk or upon request to the Company Secretary from the
Company's registered office at 2 Caldecotte Lake Business Park, Caldecotte
Lake Drive, Milton Keynes, MK7 8LE.
Statement of compliance
The Group's financial statements have been prepared and approved by the Board
of Directors in accordance with UK-adopted international accounting standards
("IFRS"). The consolidated financial statements were authorised for issue by
the Board of Directors on 26 February 2026.
Basis of preparation
The consolidated financial statements have been prepared in accordance with
UK-adopted international accounting standards and the requirements of the
Companies Act 2006. The financial statements have been prepared on an
historical cost basis and are presented to the nearest £'000.
Climate change
In preparing the financial statements, the Directors have considered the
impact of climate change, particularly in the context of the climate change
risks identified in the Sustainability section of the Strategic Report and the
Group's stated target of net zero carbon emissions by 2040. These
considerations did not have a material impact on the financial reporting
judgements and estimates in the current year. This reflects the conclusion
that climate change is not expected to have a significant impact on the
Group's short-term or medium-term cash flows including those considered in the
going concern and viability assessments, impairment assessments of the
carrying value of non-current assets and the estimates of future profitability
used in our assessment of the recoverability of deferred tax assets.
Basis of consolidation
Subsidiaries are entities controlled by the Group. Control exists when the
Group has existing rights that give it the ability to direct the relevant
activities of an entity and affect the returns the Group will receive as a
result of its involvement with the entity. In assessing control, potential
voting rights that are currently exercisable or convertible are taken into
account. The financial statements of subsidiaries are included in the
consolidated financial statements from the date that control commences until
the date that control ceases.
Alternative performance measures
In the analysis of the Group's financial performance, certain information
disclosed in the financial statements may be prepared on a non-GAAP basis or
has been derived from amounts calculated in accordance with IFRS but are not
themselves an expressly permitted GAAP measure. These measures are reported in
line with the way in which financial information is analysed by management and
designed to increase comparability of the Group's year-on-year financial
position, based on its operational activity. The key alternative performance
measures presented by the Group are:
· Underlying profit: which is defined as profit for the year before
share-based payments charges (including the related National Insurance), and
transaction related charges and the appropriate tax adjustments;
· Underlying operating profit: which is defined as operating profit
before share-based payments charges (including the related National
Insurance), and transaction related charges;
· Underlying basic earnings per share (EPS): which is defined as
underlying profit divided by the weighted average number of ordinary shares
outstanding during the period;
· Underlying costs: which is defined as administrative expenses before
share-based payments charges (including the related National Insurance), and
transaction related charges; and
· Underlying operating margin: which is defined as the underlying
operating profit as a percentage of revenue.
The Directors believe that these alternative performance measures, which
exclude charges or credits that are not entirely driven by the principal
operational activity of the Group, provide useful information to investors and
enhance the understanding of the results. The charges that are not entirely
driven by the principal operational activity of the Group include costs
relating to share-based payments, transaction related charges (such as those
in relation to acquisitions, investments or bid defence), restructuring and
certain legal and professional costs. The Directors therefore consider
underlying operating profit to be the most appropriate indicator of the
performance of the business and year-on-year trends.
A reconciliation of the underlying performance measures to the GAAP measures
are shown below:
Underlying profit
A reconciliation of the profit for the year to the underlying profit is
presented below:
2025 2024
£000 £000
Profit for the year 217,067 192,713
Share-based incentives charge 8,539 7,439
NI on share-based incentives 1,276 917
Transaction related charges - 6,230
Investment fair value loss - 3,000
Impact on tax charge (1,994) (3,152)
Underlying profit 224,888 207,147
Underlying profit is used instead of profit to calculate the underlying basic
earnings per share, which is underlying profit divided by the weighted average
number of ordinary shares in issue for the period, whereas earnings per share
is profit for the year divided by weighted average number of ordinary shares
in issue for the period (see Note 5).
Underlying operating profit
A reconciliation of the operating profit to the underlying operating profit is
presented below:
2025 2024
£000 £000
Operating profit 287,874 256,330
Share-based incentives charge 8,539 7,439
NI on share-based incentives 1,276 917
Transaction related charges - 6,230
Investment fair value loss - 3,000
Underlying operating profit 297,689 273,916
Underlying operating profit is used to calculate the underlying operating
margin: which is underlying operating profit as a proportion of revenue,
whereas the operating margin calculated as operating profit as a proportion of
revenue.
Underlying costs
A reconciliation of the administrative expenses to the underlying costs is
presented below:
2025 2024
£000 £000
Administration expenses 137,255 133,552
Share-based incentives charge (8,539) (7,439)
NI on share-based incentives (1,276) (917)
Transaction related charges - (6,230)
Investment fair value loss - (3,000)
Underlying costs 127,440 115,966
Going concern
The Directors have performed a detailed going concern review and tested the
Group's liquidity in a range of scenarios, as set out below.
Throughout the period, the Group was debt-free, remained highly cash
generative and had a cash balance of £37.2m and money market deposits of
£5.7m at 31 December 2025 (31 December 2024: cash balance of £35.8m and
money market deposits of £5.5m). The Group held a cash balance of £83.9m
and money market deposits of £5.7m at 25 February 2026.
The Group bought back shares to the value of £141.1m during the period (2024:
£107.4m) and paid dividends totalling £78.6m in May and October 2025 (2024:
£74.3m).
In reaching its assessment on going concern, the Directors used the most
recent Board approved forecasts for the Group for the period to 30 June 2027
("the going concern period"). These were modelled to reflect the expected
impact of current economic conditions on trading, as set out in these
financial statements, in addition to the Group's current cash position, any
committed payments in relation to the share buyback programme, and the
resilience of its cash flow forecasts.
In stress-testing future cash flows, the Directors modelled a range of
scenarios assessing the impact of reductions in housing transactions of
varying severity for the period to 30 June 2027 and modelled
the likely timing of cash inflows from customers inflows during the
going concern period.
These included severe but plausible downside scenarios that are considered to
pose the greatest threat to the business model and future performance of the
Group, such as: an economic shock, increased competition and new disruptive
technologies, or a cyber threat.
The model assessed changes in key revenue drivers, including customer numbers
and average revenue per advertiser (ARPA) - one scenario being a 29%
revenue reduction. Cost assumptions were also tested in each of the severe
but plausible scenarios, factoring in higher marketing and IT costs,
recruitment and retention costs, and increased investment in innovation and
platform security. Scenarios were stress tested individually and in
combination. In all cases, the Group remained cash-positive and debt-free.
The Directors also considered the results of a reverse stress
test, that illustrated the scenario required to exhaust cash reserves.
The possibility of this scenario arising was assessed to be highly
remote, arising only under extreme conditions, much more severe than those
modelled above. The Directors have identified further mitigating actions in
relation to cost savings that could be actioned as necessary.
The Directors are confident that the Group will remain cash positive and will
have sufficient funds to continue to meet its liabilities as they fall due for
at least the period to 30 June 2027 and have therefore prepared the financial
statements on a going concern basis.
Judgements and estimates
The preparation of the consolidated financial statements in accordance with UK
Adopted International accounting standards and the requirements of Companies
Act 2006 requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of
assets and liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience,
and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in any future periods, if applicable.
Management has determined that there are no areas of estimation uncertainty
that have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next financial year or
critical judgements in applying accounting policies that have a significant
effect on the amounts recognised in the consolidated financial statements.
2 Accounting policy information
New and revised standards and interpretations
There were no new standards adopted by the group that had a material impact
during the year. The IASB issued IAS 21 (Effects of Changes in Foreign
Exchange Rates) - Lack of exchangeability which became mandatory in the
period. This amendment has an immaterial impact on the Group. The Group has
evaluated further amendments to IFRS that will become mandatory in subsequent
periods and assessed that IFRS 18 (Presentation and Disclosure in Financial
Statements) will have an impact on the Group's presentation, that the group is
still assessing. This will be adopted in the year commencing 1 January 2027
when it becomes effective. Reviews of IFRS 9 and IFRS 7, Amendments to the
Classification and Measurement of Financial Instruments are still ongoing but
are not expected to have an impact on the Group.
Segmental reporting
Rightmove has one reportable segment, being the consolidated result. Whilst
the Chief Operating Decision Maker separately monitors revenue for different
business units, they do not separately monitor business unit profit, operating
costs, financial income, financial expenses and income taxes for these areas
of the business, instead monitoring this on a consolidated level.
The Group presents internal financial information that measures business
performance to the Chief Executive Officer, who is the Group's Chief Operating
Decision Maker. This information is used for the purpose of making decisions
about resources to be allocated and of assessing performance. This financial
information includes information on revenue performance and specific
monitoring of trade receivable levels for each of the following business
units:
· Agency, which provides resale and lettings property advertising
services, Rental Operators advertising and Rental Services on Rightmove's
platforms;
· New Homes, which provides property advertising services to new home
developers and housing associations on Rightmove's platforms; and
· Other, which comprises Commercial and Overseas property advertising
services; and non-property advertising services which include Third Party
Advertising and Data Services; and the Financial Services (Mortgages)
business.
3 Revenue
The Group's operations and main revenue streams are those described in the
annual financial statements. The Group's revenue is derived from contracts
with customers.
Disaggregation of revenue
In the following table, revenue is disaggregated by property and non-property
advertising revenue. The table also includes a reconciliation of the
disaggregated revenue with the Group's business units.
Year ended Agency New Homes Other Total
31 December 2025
£000 £000 £000 £000
Revenue stream
Property products 304,744 75,330 21,563 401,637
Non-property products - - 23,492 23,492
304,744 75,330 45,055 425,129
Year ended Agency New Homes Other Total
31 December 2024
£000 £000 £000 £000
Revenue stream
Property products 279,989 69,168 20,118 369,305
Non-property products - - 20,577 20,577
279,989 69,168 40,695 389,882
Geographic information
In presenting information geographically, revenue and assets reflect the
physical location of customers.
2025 2024
Revenue Trade receivables Revenue Trade receivables
£000
£000
£000
£000
Group
UK 419,650 24,965 384,112 21,796
Rest of the world 5,479 - 5,770 21
425,129 24,965 389,882 21,817
Contract balances
The contract assets primarily relate to the Group's rights to consideration
for services provided but not invoiced at the reporting date. The contract
assets are transferred to trade receivables when invoiced and the rights have
become unconditional. The contract liabilities primarily relate to the advance
consideration received from Agency, Overseas and Commercial customers, for
which revenue is recognised as or when the services are provided.
The following table provides information about contract assets and contract
liabilities from contracts with customers:
Contract assets Contract liabilities
£000 £000
Contract balances as at 31 December 2023 759 (2,536)
Performance obligations satisfied in 2023 (759) -
Performance obligations satisfied in 2024 - 2,470
Accrued/(deferred) during 2024 1,270 (3,102)
Contract balances as at 31 December 2024 1,270 (3,168)
Performance obligations satisfied in 2024 (1,270) -
Performance obligations satisfied in 2025 - 3,139
Accrued/(deferred) during 2025 1,251 (3,456)
Contract balances as at 31 December 2025 1,251 (3,485)
4 Operating profit
2025 2024
£000 £000
Operating profit is stated after charging:
Employee benefits 68,967 64,420
Depreciation of property, plant and equipment 3,937 3,613
Amortisation of intangibles 4,391 2,386
Trade receivables impairment charge 413 1,629
Transaction-related charges - 6,230
Investment fair value loss - 3,000
Transaction-related charges in the prior year include legal and professional
fees in relation to acquisitions and investments and costs in relation to bid
defence for the unsolicited offer for Rightmove.
Auditor's remuneration 2025 2024
£000
£000
Fees payable to the auditor in respect of the audit
Audit of the Company's financial statements 65 60
Audit of the Company's subsidiaries pursuant to legislation 335 356
Total audit remuneration 400 416
Fees payable to the Company's auditor in respect of non-audit related services
Half year review of the condensed financial statements 69 66
Total non-audit remuneration 69 66
There were no other fees payable to Ernst & Young LLP (2024: no other fees
payable).
5 Earnings per share (EPS)
Pence per share
£000 Basic Diluted
Year ended 31 December 2025
Profit for the year and EPS 217,067 28.1 28.0
Underlying profit and underlying EPS 224,888 29.1 29.0
Year ended 31 December 2024
Profit for the year and EPS 192,713 24.4 24.3
Underlying profit and underlying EPS
207,147 26.2 26.1
Weighted average number of ordinary shares (basic) 2025 2024
Number of shares
Number of shares
Issued ordinary shares at 1 January less ordinary shares held by the EBT and 791,523,287 811,252,473
SIP Trust
Less own shares held in treasury at the beginning of the year (11,168,495) (11,709,197)
Weighted effect of own shares purchased for cancellation (8,388,834) (8,933,806)
Weighted effect of share-based incentives exercised 625,563 363,417
Weighted effect of shares purchased (209,398) (755,421)
Issued ordinary shares at 31 December less ordinary shares held by treasury,
SIP and the EBT
772,382,123 790,217,466
Weighted average number of ordinary shares (diluted)
In calculating diluted EPS, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all potentially dilutive shares. The
Group's potentially dilutive instruments are in respect of share-based
incentives granted to employees.
2025 2024
Number of
Number of shares
shares
Weighted average number of ordinary shares (basic) 772,382,123 790,217,466
Dilutive impact of share-based incentives outstanding 2,974,437 2,384,515
775,356,560 792,601,981
The average market value of the Group's shares for the purposes of calculating
the dilutive effect of share-based incentives was based on quoted market
prices during the period which the share-based incentives were outstanding.
6 Dividends
Dividends declared and paid by the Company were as follows:
2025 2024
Pence per share £000 Pence per share £000
2023 final dividend paid - - 5.70 45,226
2024 interim dividend paid - - 3.70 29,112
2024 final dividend paid 6.10 47,398 - -
2025 interim dividend paid 4.05 31,188 - -
10.15 78,586 9.40 74,338
Unclaimed dividends returned - (21) - (30)
Net dividends included in the statement of cash flows
- 78,565 - 74,308
After the reporting date, a final dividend of 6.59p (2024: 6.10p) per
qualifying ordinary share, being £49,500,000 (2024: £46,900,000), was
proposed by the Board of Directors. The final dividend will be paid, subject
to shareholder approval, on 22 May 2026.
The 2024 final dividend of £47,398,000 (6.10p per qualifying share) was paid
on 23 May 2025.
The terms of the EBT provide that dividends payable on the ordinary shares
held by the EBT are waived. No provision was made for the final dividend in
either year, and there are no income tax consequences.
7 Income tax expense
2025 2024
£000
£000
Current tax expense
Current year 72,799 65,214
Adjustment to current tax charge in respect of prior years 250 (210)
73,049 65,004
Deferred tax
Origination and reversal of temporary differences 341 578
Adjustment to deferred tax in respect of prior years (506) 105
(165) 683
Total income tax expense 72,884 65,687
Income tax recognised directly in equity
2025 2024
£000
£000
Current tax
Share-based incentives (379) (88)
Deferred tax
Share-based incentives 457 (409)
Adjustment to deferred tax in respect of prior years 145 -
602 (409)
Total income tax charge/(credit) recognised directly in equity 223 (497)
Reconciliation of effective tax rate
The Group's consolidated effective tax rate for the year ended
31 December 2025 is 25.1% (2024: 25.4%) which is marginally higher than
(2024: higher than) the standard rate of corporation tax in the UK due to the
items shown below:
2025 2024
£000
£000
Profit before tax 289,951 258,400
Current tax at 25%
72,488 64,600
Net non-deductible expenses/(non-taxable income) 197 1,068
Adjustment to deferred tax charge in respect of prior years (506) 105
Share-based incentives 455 124
Adjustment to current tax charge in respect of prior years 250 (210)
72,884 65,687
Factors affecting future tax charge
The deferred tax at 31 December 2025 and 31 December 2024 was calculated based
on the enacted tax rate of 25%, the rate at which the deferred tax is expected
to unwind in the future.
8 Intangible assets
Goodwill Computer Software development Customer relationships Total
£000
Software
£000
£000
£000
£000
Cost
At 1 January 2025 22,680 15,822 2,849 6,366 47,717
Additions 6,509 2,767 9,276
At 31 December 2025 22,680 22,331 5,616 6,366 56,993
Amortisation
At 1 January 2025 - (8,931) - (2,541) (11,472)
Charge for year - (3,756) - (635) (4,391)
At 31 December 2025 - (12,687) - (3,176) (15,863)
Net book value
At 31 December 2025 22,680 9,644 5,616 3,190 41,130
At 31 December 2024 22,680 6,891 2,849 3,825 36,245
Impairment testing for cash-generating units containing goodwill
The goodwill comprises £6.2m recognised on the acquisition of HomeViews
Platform Limited in the prior year (Note 25); £14.1m recognised on the
acquisition of Rightmove Landlord & Tenant Services Limited in 2019; a
further £1.7m arising on the acquisition of The Outside View Analytics
Limited in May 2016; and £0.7m of purchased goodwill arising pre-transition
to IFRS.
Management performed the annual impairment test. For the purposes of
impairment testing, goodwill is allocated to the Group's lowest
cash-generating unit which is the Agency only business unit. The calculations
used in the cash flow projections are based on the latest three-year business
plan which includes revenue per business unit, which was updated to reflect
the most recent developments as at the reporting date.
An allocation of costs is estimated for impairment testing purposes in
accordance with IAS 36. The impairment test performed was a 'value in use'
assessment which looked at cash flows over the coming three years. The key
assumptions used for modelling purposes were revenue growth rates, the
long-term terminal growth rate of 3% for years outside of the three-year
business plan and the pre-tax discount rate used of 10% (2024: 10%). The
result of the impairment testing was that the recoverable amount is
significantly higher than the carrying amount and there is no impairment. This
result is not sensitive to any reasonable possible changes in the key
assumptions used.
9 Trade and other receivables 2025 2024
£000
£000
Trade receivables 26,343 23,331
Less provision for impairment of trade receivables (1,378) (1,514)
Net trade receivables 24,965 21,817
Prepayments 6,473 6,251
Interest receivable 286 361
Other debtors 648 572
32,372 29,001
10 Trade and other payables
2025 2024
£000
£000
Trade payables 1,826 1,326
Trade accruals 12,474 9,270
Other creditors 2,032 3,033
Other taxation and social security 16,236 13,407
32,568 27,036
11 Share capital
2025 2024
Amount Number of Amount Number of
£000 shares £000 Shares
In issue ordinary shares
At 1 January 795 794,676,864 814 813,449,619
Purchase and cancellation of shares (21) (21,395,037) (19) (18,772,755)
At 31 December 774 773,281,827 795 794,676,864
All issued shares are fully paid. The nominal value of a share is 0.1p. The
holders of ordinary shares are entitled to receive dividends as declared from
time to time and are entitled to one vote per ordinary share at general
meetings of the Company. Included within shares in issue at 31 December 2025
are 1,617,723 (2024: 1,833,148) shares held by the EBT, 1,558,957 (2024:
1,320,429) shares held by the SIP and 10,753,494 (2024: 11,168,495) shares
held in Treasury.
In June 2007, Rightmove plc commenced a share buyback program to purchase its
own ordinary shares. The total number of shares bought back in 2025 was
21,395,037 (2024: 18,772,755) shares representing 2.7% (2024: 2.4%) of the
ordinary shares in issue (excluding shares held in treasury). All the shares
bought back in both years were cancelled. The shares were acquired on the open
market at a total consideration (excluding costs) of £141,095,000
(2024: £107,441,000). The maximum and minimum prices paid were £8.26
(2024: £6.84) and £4.84 (2024: £5.00) per share respectively. The average
price paid was £6.59 (2024: £5.72).
Costs incurred on purchase of own shares in relation to stamp duty charges and
broker expenses for share buy backs were £993,000 (2024: £753,000). Costs
incurred on purchase of own shares in relation to stamp duty charges and
broker expenses for the SIP award were £14,000 (2024: £14,000) and for the
RSP award were £14,000 (2024: £37,000).
12 Reconciliation of movement in capital and reserves
Own shares held - £000 EBT shares reserve SIP shares reserve Treasury
£000 £000 shares Total
£000 £000
Own shares held as at 1 January 2024 (1,860) (6,321) (5,559) (13,740)
Shares purchased for share incentive plans (5,910) (1,415) - (7,325)
Shares transferred to SIP 594 (594) - -
Share-based incentives exercised in the year 66 713 260 1,039
SIP releases in the year - 64 - 64
Own shares held as at 31 December 2024 (7,110) (7,553) (5,299) (19,962)
Own shares held as at 1 January 2025 (7,110) (7,553) (5,299) (19,962)
Shares purchased for share incentive plans (2,656) (1,380) - (4,036)
Shares transferred to SIP 636 (636) - -
Share-based incentives exercised in the year 2,213 753 200 3,166
SIP releases in the year - 28 - 28
Own shares held as at 31 December 2025 (6,917) (8,788) (5,099) (20,804)
Own shares held - number of shares EBT shares reserve SIP shares reserve Treasury
shares Total
Own shares held as at 1 January 2024 1,029,919 1,167,227 11,709,197 13,906,343
Shares purchased for share incentive plans 1,028,015 209,088 - 1,237,103
Shares transferred to SIP (88,502) 88,502 - -
Share-based incentives exercised in year (136,284) (132,413) (540,702) (809,399)
SIP releases in the year - (11,975) - (11,975)
Own shares held as at 31 December 2024 1,833,148 1,320,429 11,168,495 14,322,072
Own shares held as at 1 January 2025 1,833,148 1,320,429 11,168,495 14,322,072
Shares purchased for share incentive plans 424,448 264,355 - 688,803
Shares transferred to SIP (119,303) 119,303 - -
Share-based incentives exercised in year (520,570) (132,825) (415,001) (1,068,396)
SIP releases in the year - (12,305) - (12,305)
Own shares held as at 31 December 2025 1,617,723 1,558,957 10,753,494 13,930,174
(a) EBT shares reserve
This reserve represents the cost of own shares acquired by the EBT less any
exercises of share-based incentives.
At 31 December 2025, the EBT held 1,617,723 (2024: 1,833,148) of the
ordinary shares in issue, representing 0.2% (2024: 0.2%) of the ordinary
shares in issue (excluding shares held in treasury). The market value of the
shares held in the EBT at 31 December 2025 was £8,406,000
(2024: £11,765,000). During the year 520,570 shares were exercised (2024:
136,284).
(b) SIP shares reserve
In November 2014, the Rightmove Share Incentive Plan Trust (SIP) was
established. This reserve represents the cost of acquiring shares less any
exercises or releases of SIP awards. Employees of Rightmove Group Limited and
Rightmove plc were offered 564 free shares with effect from 18 December 2025
(2024: 445), subject to a three-year service period.
During the year shares were exercised 133,925 (2024: 132,413) and 11,205
shares (2024: 11,975) were released by the SIP in relation to good leavers and
retirees. 119,303 shares were transferred to the SIP reserve from the EBT
(2024: 88,502).
At 31 December 2025, the SIP held 1,558,957 (2024: 1,320,429) of the
ordinary shares in issue, representing 0.2% (2024: 0.2%) of the ordinary
shares in issue (excluding shares held in treasury). The market value of the
shares held in the SIP at 31 December 2025 was £8,100,000 (2024:
£8,475,000).
(c)Treasury shares
The Company bought treasury shares in 2008, at an average price of 47.60
pence, to use to satisfy shareholder approved share-based incentive awards.
This reserve represents the cost of acquiring shares held in treasury less any
exercises of share-based incentives.
At 31 December 2025, the Treasury held 10,753,494 of the ordinary shares in
issue. The market value of the shares held in treasury at 31 December 2025 was
£55,875,000 (2024: £71,679,000).
Other reserves
Other reserves of £520,000 (2024: £499,000) represents the Capital
Redemption Reserve in respect of own shares bought back and cancelled. The
movement of £21,000 (2024: £19,000) is the nominal value of ordinary shares
bought back and cancelled during the year.
Retained earnings
The loss on the exercise of share-based incentives of £2,424,000 (2024:
£368,000) is the difference between the weighted average value that the own
shares, held individually by the EBT, SIP and treasury, were originally
acquired at and the exercise price at which share-based incentives were
exercised or released during the year.
Reverse acquisition reserve
This reserve of £138,000 (2024: £138,000) resulted from the acquisition of
Rightmove Group Limited by Rightmove plc and represents the difference between
the value of the shares acquired at 28 January 2008 and the nominal value of
the shares issued.
13 Share-based payments
The Group operates share-based incentive schemes for Executive Directors and
employees.
All share-based incentives are subject to a service condition. Such conditions
are not taken into account in the fair value of the service received. The fair
value of services received in return for share-based incentives is measured by
reference to the fair value of share-based incentives granted.
The Group recognised a share-based payments charge for the year of £8,539,000
(2024: £7,439,000). The NI charge for the year, relating to all awards, was
£1,276,000 (2024: £917,000). The share price at 31 December 2025 was £5.20
(2024: 6.42).
The total charge in relation to share-based payments was £9,815,000 (2024:
£8,356,000).
14 Contingent liabilities
The Group has no contingent liabilities in either year.
15 Other
In November, the Group received notice of a potential claim. At this stage, no
claim has been received. The Group is confident of the value it provides to
its partners.
16 Subsequent events
Subsequent to the reporting date, the Group committed to a £90m share buyback
to be executed between 2 March and 31 July 2026.
ADVISERS AND SHAREHOLDER INFORMATION
Contacts Registered office Corporate advisers
Chief Executive Officer: Johan Svanstrom Rightmove plc Financial adviser
Chief Financial Officer: Ruaridh Hook 2 Caldecotte Lake UBS Investment Bank
Company Secretary: Carolyn Pollard Business Park Joint brokers
Caldecotte Lake Drive
Website: https://plc.rightmove.co.uk (http://www.rightmove.co.uk)
Milton Keynes UBS AG London Branch
MK7 8LE Peel Hunt LLP
Registered in Auditor
England no. 06426485 Ernst & Young LLP
Bankers
Financial calendar 2026 Barclays Bank plc
2025 full year results 27 February 2026 Santander UK plc
Final dividend record date 24 April 2026 HSBC UK Bank plc
Lloyds Banking Group plc
Annual General Meeting 8 May 2026
Final dividend payment 22 May 2026 Solicitors
Half year results 31 July 2026 EMW LLP
Linklaters LLP
Herbert Smith Freehills Kramer LLP
Registrar
MUFG Corporate Markets ((1))
( (1)) Shareholder enquiries
The Company's registrar is MUFG Corporate Markets. They will be pleased to
deal with any questions regarding your shareholding or dividends. Please
notify them of your change of address or other personal information. Their
contact details are:
Shareholder helpline: 0371 664 0300 calls are charged at the standard
geographic rate and will vary by provider. Calls outside the United Kingdom
will be charged at the applicable international rate. Lines are open between
09:00 - 17:30, Monday to Friday excluding public holidays in England and
Wales.
Email: shareholderenquiries@cm.mpms.mufg.com
Signal Shares shareholder portal: www.signalshares.com
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.signalshares.com%2F&data=04%7C01%7CCheryl.Addo%40rightmove.co.uk%7C6580216f9ee9414815e208d8b0b78ae6%7C8cd57a9404ae4a8e9869feb23e19960c%7C0%7C0%7C637453649634726454%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=oILVPr%2BM%2BISe%2BUJX23LXtPiA1Xvwig37y1253ZCOpSM%3D&reserved=0)
Address: MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Shareholders can register online to view your holdings using the shareholder
portal, a service offered by MUFG Corporate Markets at www.signalshares.com
(http://www.signalshares.com) . The shareholder portal is an online service
enabling you to quickly and easily access and maintain your shareholding
online - reducing the need for paperwork and providing 24 hour access for your
convenience. You may:
o View your holding balance and get an indicative valuation
o View the dividend payments you have received
o Cast your proxy vote on the AGM resolutions online
o Update your address
o Register and change bank mandate instructions so that dividends can be
paid directly to your bank account
o Elect to receive shareholder communications electronically
o Access a wide range of shareholder information and download shareholder
forms
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
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. END FR BCGDDIBDDGLL
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