REG - YouGov PLC - Results for the six months to 31 January 2026
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RNS Number : 7785X YouGov PLC 24 March 2026
24 March 2026
YouGov plc
("YouGov" or the "Group")
Results for the six months ended on 31 January 2026
Revenue growth of 2%; statutory operating profit growth of 14%
YouGov, the international research and data analytics group, announces its
results for the six months ended on 31 January 2026.
Summary of results
Six months ended on Six months ended on Change Underlying change (1)
31 January 2026 31 January 2025
Unaudited Unaudited
£m £m % %
Revenue 194.8 191.7 2% 1%
Adjusted operating profit(1) 24.0 30.1 (20%) (19%)
Adjusted operating margin (%) 12.3% 15.7% (340bps) -
Statutory operating profit 16.8 14.8 14% -
Adjusted profit before tax(1) 16.8 24.1 (30%) -
Statutory profit before tax 8.6 8.3 4% -
Adjusted basic earnings per share(1) 11.4 17.1 (33%) -
Statutory basic earnings per share 5.7 6.8 (16%) -
1 Defined in the explanation of non-IFRS measures below.
Financial highlights
● Delivered reported revenue growth of 2% to £194.8m in line with expectations,
representing a resilient performance driven by sustained demand in the
Research division.
● Improvement in statutory operating profit and statutory profit before tax of
14% and 4%, respectively.
● Adjusted operating profit of £24.0m, down 20% on a reported basis, reflecting
the required investment in the Shopper division to sustain growth, and
re-investment in strategic areas.
● Solid balance sheet position with cash at period end of £32.8m and leverage
ratio of 2.1x net debt to EBITDA.
● Given dislocation between our confidence in YouGov's intrinsic value and the
current market valuation, the Board expects to launch a share buyback
programme in place of the annual dividend.
● Refinancing of bank facilities underway to provide greater financial
flexibility, including to support the expected share buyback programme.
● Strong team in place with renewed focus on execution - Ian Griffiths appointed
as Chair and James Davies as CFO.
● Commenced a strategic review of the Shopper division to unlock long-term
shareholder value.
● Value Delivery Plan has been mobilised with execution of Wave 1 already
completed and Wave 2 in planning phase. Combined impact of the first two waves
expected to deliver annualised margin uplift in excess of 350bps. This 3-wave
plan is intended to combine efficiency improvements and enhanced ways of
working alongside creating an AI led data business.
● Considering the incremental investment in Shopper of £6m, the Group expects
FY26 adjusted operating profit to be £52-£56m.
● Without the investment in Shopper, our adjusted operating profit would have
been broadly flat year on year.
Operational highlights
● Focus on strengthening our core Data Products
▪ Revenue from Data Products decreased by 1% on an underlying basis (2% in
reported terms), following the strategic discontinuation of some
under-performing products as part of the FY25 cost optimisation plan.
Excluding the impact of these discontinued products, the division would have
delivered underlying revenue growth of 2% for HY26.
▪ Stable renewal rates at 80%, with new client wins, including one of our
largest new subscription deals at the start of H2 FY26.
▪ Ongoing programme of product enhancements, including laying the foundations
for new AI‑led features that increase automation and expand the capabilities
of our data asset.
● Good performance in the Research division
▪ Solid growth of 4% on an underlying basis (3% in reported terms), as clients
continue to prioritise spend on high-quality custom research solutions,
particularly driven by the retail and banking sectors.
▪ Stable operating margin of 9.8% (HY25: 10.0%), supported by growth across all
regions, especially in the Americas.
● Targeted investment in our Shopper business, in line with capital allocation
priorities
▪ Shopper revenues increased 3% in reported terms, and was 2% lower on an
underlying basis. The decline was due to the early client deliveries towards
the end of FY25. Expected to return to growth by year end with order backlog
ahead of last year.
▪ The Shopper division's adjusted operating profit of £6.8m (HY25: £13.9m) was
impacted by the additional investments to drive future growth and maintain
competitiveness. The incremental impact of these investments in FY26 is
expected to be £6 million.
▪ Substantial investment in Shopper's capabilities to introduce semi-passive and
passive data collection, as well as expand and upgrade panels across Europe,
with investment intended to support its growth trajectory and competitiveness,
with early success in improved client delivery and new opportunities.
● Upgrading our technology and building new AI‑led capabilities to position
the business for the next phase of growth
▪ Launched YouGov BrandIndex Voices and introduced an AI agent within YouGov
Profiles, expanding how clients interact with our data and driving commercial
engagement.
▪ Commissioned by Anthropic to deliver a large-scale study on AI perception in
the US, demonstrating the strength of our high-quality human data and its role
in supporting AI development.
▪ Progressing towards automation of the research design and delivery process,
with end-to-end prototypes now in testing with existing clients, aimed at
improving speed, scalability and cost efficiency.
▪ Establishing a dedicated Data Strategy and Management team to accelerate the
development and commercialisation of our connected data assets.
▪ Core investment, predominantly in technology and platform, totalled
approximately £3m during the period.
Leadership and board changes
● A strong team in place with renewed focus on execution
▪ As announced post-period end, James Davies was appointed as CFO, with effect
from 12 February.
▪ The Board was also pleased to announce the appointment of Ian Griffiths as
permanent Chair of the Board with effect from 18 February.
▪ Actions taken to create a smaller, more agile Board by the end of the year
with Shalini Govil-Pai stepping down as Non-Executive Director with effect
from today and Andrea Newman to not stand for re-election at the AGM.
▪ The Board has commenced a CEO search process to ensure a smooth succession and
transition process, with Stephan Shakespeare expected to remain in role until
the company is well positioned for its next stage of growth.
Current trading and outlook
● A strong team and more focussed Board in place with renewed emphasis on
execution, growth and margin discipline to return the business towards
historical levels.
● Accelerated investment in AI-driven innovation to meet client demand, increase
client retention, and drive growth and operational efficiencies.
● Revenue momentum remains positive, and in line with expectations, with 80% of
FY26 expectation contractually secured, slightly ahead of the prior year
comparative.
● Taking into account the £6 million of incremental investment in Shopper, the
Group expects to deliver adjusted operating profit of £52-56 million for
FY26.
● The Board has mobilised a Value Delivery Plan ("VDP") which comprises three
waves. The waves combine efficiency improvements and enhanced ways of working
along with significant transformation enabled by AI. Wave one was executed
this month, wave two will be executed in the summer and wave three will be
initiated later this calendar year.
▪ Wave 1 is expected to contribute £2.5m to FY27 profitability.
▪ Wave 2 which is in the planning phase will generate greater benefits,
commencing in FY27.
▪ The combined impact of the first two waves is expected to deliver an
annualised adjusted operating profit margin uplift in excess of 350bps
relative to the margin achieved in H1 FY26 once fully executed.
▪ In parallel, the Company is progressing the development of Wave 3, which
represents a material evolution in how we win, operate and serve clients.
▪ Wave 3 is expected to deliver a margin profile aligned with an AI‑led data
business, marking a step‑change from our historical margin structure.
● The Company will host a Capital Markets Day prior to the end of FY26 where we
will provide an update on the VDP and YouGov in the age of AI.
Stephan Shakespeare, Chief Executive Officer, said:
"We delivered a resilient first half performance, with continued growth in our
core US and UK markets and good momentum in our Research division. While the
macroeconomic backdrop remains uncertain, clients continue to prioritise
high-quality human data and strategic research projects, areas where YouGov
continues to be strongly positioned.
During the period we have increased the level of targeted investments in both
Shopper and our AI-enabled products, which we believe will reposition our
platform as the industry-leading pioneer in the age of AI, enhance the value
of our data, improve the client experience and drive operational efficiencies
over time. A meaningful proportion of this investment has been directed
towards Shopper to enhance its competitive positioning in the market.
We have also strengthened both our management team and the Board, ensuring we
have the right expertise and leadership in place to execute on our strategy.
With a strong team, a clear focus on disciplined execution and encouraging
early interest in our new AI initiatives, I remain confident in our ability to
deliver sustainable long-term growth."
Analyst presentation
A presentation for investors and analysts will be held via Zoom audio webcast
at 10.00am on Tuesday 24 March 2026. Link to join the presentation below.
Zoom webinar:
https://yougov.zoom.us/webinar/register/WN_B-2fIqUoSOK3Y6tGqC-dyA
(https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fyougov.zoom.us%2Fwebinar%2Fregister%2FWN_B-2fIqUoSOK3Y6tGqC-dyA&data=05%7C02%7Channah.jethwani%40yougov.com%7C80ac2999d81a4b1f914a08de853a316b%7C8b848903971d4adcb4764d390db6565b%7C1%7C0%7C639094682163837194%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C4000%7C%7C%7C&sdata=AyrJTH9ao1QbUfFRA0mDcvwGYk6X%2FhmVVnqlEfphOtA%3D&reserved=0)
A copy of the presentation will be available online at
https://corporate.yougov.com/investors/presentations/
(https://corporate.yougov.com/investors/presentations/) shortly after the
half-year results announcement is live on the Regulatory News Service (RNS).
Forward looking statements
Certain statements in this full year report are forward looking. Although the
Group believes that the expectations reflected in these forward-looking
statements are reasonable, we can give no assurance that these expectations
will prove to have been correct. As these statements involve risks and
uncertainties, actual results may differ materially from those expressed or
implied by these forward-looking statements.
We undertake no obligation to update any forward-looking statements whether as
a result of new information, future events or otherwise.
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/201 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service this inside
information is now considered to be in the public domain. The person
responsible for arranging release of this announcement on behalf of the
Company is James Davies, Chief Financial Officer of the Company.
Enquiries:
YouGov plc 020 7012 6000
Stephan Shakespeare, CEO
James Davies, CFO
Hannah Jethwani, Head of Corporate Strategy and Investor Relations
FTI Consulting 020 3727 1000
Charles Palmer / Dwight Burden / Valerija Cymbal / Jemima Gurney
J.P. Morgan Cazenove (NOMAD and Joint Broker) 020 7742 4000
Bill Hutchings / James Summer
Berenberg (Joint Broker) 020 3207 7800
Mark Whitmore / Richard Andrews
Morgan Stanley & Co. International plc (Joint Broker) 020 7425 8000
Andrew Foster / Josh Williams
About YouGov
YouGov is a global research data and analytics group. Our mission is to offer
unparalleled insight into what the world really thinks and does. With
operations in the Americas, Mainland Europe, UK and Asia Pacific, we have one
of the world's largest research networks.
Above all, YouGov is powered by reality. That stems from a unique panel of
millions of registered members across 64 markets, encapsulating some 18
million shopping trips and millions of interconnected data points. Our unique
approach to recruiting and engaging with our panel, combined with our
state-of-the-art technology platforms, enables us to deliver real-world,
real-time insights that lead to better decision-making and a competitive
advantage for our clients.
As innovators and pioneers of online market research, we have a strong
reputation as a trusted source of accurate data and insights. Testament to
this, YouGov data is regularly referenced by the global press, and we are
consistently one of the most quoted market research sources in the world.
YouGov /Research Reality
For further information, visit yougov.com
Business review
Following Stephan's return as CEO in early 2025, the priority has been to
establish the strategic clarity and restore innovation as the key driver of
YouGov's next phase of growth. Our clients are facing a more demanding
landscape - where AI, rapidly-shifting consumer behaviour, and tighter budgets
are raising expectations for faster, more cost-effective and reliable data
than ever before. This is where YouGov's business model since inception comes
into its own: a uniquely-engaged global panel, a continuously-updated data
set, a brand name synonymous with accuracy and expert teams committed to
innovation. These strengths position us to lead the market as real‑time
connected data becomes a critical input for predictive, AI‑enabled market
research. A prime example of the trust clients place in our data is a new
client win, Anthropic, that commissioned YouGov to survey 50,000 Americans,
spanning every state, to understand what people think about AI, how it should
be built, how it should be used, and what they are worried about. This
strategic piece of research was used to inform the client's first Super Bowl
campaign and make decisions on incorporating advertising into their tools,
demonstrating the relevance and importance of real-time data collection from
real people.
Throughout H1 FY26, we have focused on strengthening our core data products,
upgrading our technology, and laying the foundations for new AI‑led
capabilities that expand what our data asset can do. Our Reality Report 2026
(https://commercial.yougov.com/rs/464-VHH-988/images/WP-2026-01-Global-Reality-Report.pdf)
reinforces why our strategy has always centred around the importance of panel.
By nurturing our proprietary panel, we maintain the representativeness,
integrity, and accuracy that set YouGov apart from the industry. Our connected
data architecture - and the identity spine that underpins it - allows us to
link demographics, behaviours, opinions and attitudes in a unique way that is
difficult to replicate. This foundation is not only central to the trust
clients place in our data; it enables the development of AI‑driven tools and
use cases at pace, while ensuring that innovation is grounded in transparency,
precision, and proven methodological strength.
A Resilient Renewal Season in a Cautious Market
As we moved through this year's renewal season, despite a backdrop of client
caution, our renewal rates remained steady at 80% by the end of January 2026,
in line with the prior year. While clients are evaluating their purchasing
decisions more carefully, they continue to rely on our trusted data, and the
resilience of our subscription base speaks to the essential role YouGov plays
in their decision‑making. In a market that is understandably in
"wait‑and‑see" mode, holding steady is a sign of strength, and it gives us
the foundation from which we need to accelerate. Innovations, such as YouGov
BrandIndex Voices and the introduction of an AI agent within YouGov Profiles,
along with a continuous program of improvements and enhancements within our
subscription products are designed to increase client retention and drive
growth over the next few years.
Accelerating AI-Driven Innovation
Since its founding, YouGov has been a digital-first business model, initially
disrupting the market with its fully automated brand tracking solution, YouGov
BrandIndex. Our DNA in pioneering online market research through automation
gives us a structural advantage in the age of AI. This advantage is visible
with the rapid development and launch of our latest product, BrandIndex
Voices, marking a pivotal development where quantitative data can be made more
meaningful and actionable with qualitative data at unprecedented scale.
Integrated into BrandIndex, Voices is an always‑on, AI‑powered
interviewing tool that can identify emerging themes, subtle shifts, or unusual
patterns through automated prompts, enabling clients to understand the 'why'
behind traditional brand tracking metrics. Launched in February 2026, the
add-on feature is simple to use and priced to encourage adoption. Early
commercial interest has been positive with several conversations in advanced
stages and we are confident in the prospects for the product.
Building on the opportunity, the Company will look to extend this
multi-faceted technology to automate the research design and delivery process
over the coming months. While still in early stages of design and development,
YouGov is testing ways to build an automated research system capable of
generating and running adaptive interviews at scale. This will aim to increase
the speed, efficiency and quality within our teams but will go one step
further to empower our most sophisticated, data-savvy clients to have direct
access to our panel and data lake.
Focusing Shopper's Investment on Growth Innovation and Unlocking Value
Alongside these innovations, we have continued to invest in Shopper's
capabilities as outlined at the time of the acquisition. Over the past year,
the division has made substantial investments in expanding and upgrading its
panels across key European markets, improving data depth, representativeness,
and competitive positioning through semi-passive and passive data collection.
These expansions (spanning Norway, Denmark, Sweden, Germany, Italy and
Austria) are already enhancing client delivery and opening up new
opportunities. Concurrently, Shopper is investing in AI‑enabled operational
improvements that streamline data collection and receipt scanning, improving
speed, quality, and panellist engagement. Together, these initiatives are
enabling the teams to focus on growth, new product launches, and increased
operational efficiency within the Shopper organisation.
The Board is encouraged by the progress made by YouGov's Shopper division but
believes that its underlying value and long‑term potential is not fully
reflected in the Company's market valuation. The Board therefore continues to
actively consider actions that could enhance the strategic positioning of
Shopper and unlock long‑term shareholder value.
The Board has therefore decided to commence a strategic review of the Shopper
division. The Company is working to evaluate a range of options, which may
include, but are not limited to, a potential disposal and an assessment of
opportunities to combine our data assets to create a differentiated joint
commercial proposition to unlock synergies.
This process is at a preliminary stage and no decision has been made regarding
whether any option will be pursued.
Building the YouGov of the Future
Our ambition to become the leading platform for market research globally
remains unwavering. Investments over the past two decades in our proprietary
panel, data lake, product ecosystem and the YouGov brand provides us with the
right foundation from which to build the YouGov of the future.
As the world evaluates the impact of AI on every industry, one fact remains
clear that real-time data provided by real people cannot be replaced or
replicated. YouGov's ability to maintain longitudinal, authentic,
representative and engaged panels and collect deep, rich data from them is
undoubtedly its core strength. Leveraging these strengths, YouGov is exploring
further opportunities to provide data-as-a-product, further embedding our data
in client solutions, increasing retention and reducing customer churn.
Furthermore, AI is expected to transform the ways brands use market research
and the way market research is delivered. This will create exciting
opportunities for YouGov which we intend to capture fully.
Recognising that significant opportunities remain untapped, the Board and
management team will be working at pace on a comprehensive review of our
strategic projects and efficiency initiatives to ensure we are prioritising
the areas with the greatest potential impact over the next three years. We
will be refining our strategy, developing our product roadmap and transforming
our operating model to ensure we are able to unlock meaningful value using
these core strengths in an AI-driven economy. This review is expected to be
completed in May, and we will provide an update at a Capital Markets Day
before the end of the current financial year.
Driving Capital Allocation Decisions to Meet Business Needs
Over the past year we expanded our corporate services teams and implemented
new systems to support the Shopper division as the Group exited the majority
of its TSAs. With this period of transition largely complete, we have moved
into the investment phase within Shopper as we look to upgrade their
technology, expand their reach and ensure their offering remains competitive.
Shopper has long-standing client relationships built over decades through
delivering high-quality data and these investments will allow Shopper to
maintain its competitive positioning and accelerate future growth. We expect
these investments to have an adjusted operating profit impact of £6m in FY26
and to break-even by FY28.
Additionally, we will accelerate investment in our technology, product and
data science teams to take advantage of the market opportunities presented by
AI and to further our platform strategy in preparation for future growth.
These investments largely comprise product specialists, data scientists and AI
tools and we expect a return on these investments within 12-18 months as we
streamline our research operations through further efficiency savings.
The Board continues to evaluate all options to enhance shareholder value as
well as the Group's capital allocation priorities to optimise the balance
between business needs and shareholder returns. At the start of H1 FY26, we
extended the weighted average maturity of our term loan agreement by reducing
annual repayments from €48m to €20m and have subsequently initiated
discussions with our banking syndicate to refinance the remainder of the term
loan. We expect this process to be complete by the end of the year.
Additionally, given the dislocation between our confidence in our intrinsic
value and our current market valuation, the Board is re-evaluating its
distribution policy for FY26. The Board believes that an updated distribution
policy, introducing flexibility in the form of distribution between dividend
and share buyback programme, would support a more effective use of capital. At
current valuation levels, the Board intends to launch the share buyback
programme later this year, upon completion of the aforementioned loan
refinancing, to ensure alignment with our liquidity requirements.
Strengthening Our Leadership for the Next Phase and Ensuring Continuity
At the start of H2 FY26, we announced that after nearly two decades at YouGov,
Alex McIntosh stepped down from his role as Chief Financial Officer (CFO) and
we thank him for his commitment to the Company over the years. To follow
Alex's departure, we announced the appointment of James Davies as CFO with
effect from 12 February 2026. James' will play a critical role as we enter our
next phase of growth, bringing the strategic financial discipline and
operational expertise needed to scale our platform, enhance long‑term value
creation, and support the transformation of our operating model.
As we move into operationalising our next phase of growth, we identified the
need to establish a new Data Strategy and Management team. The primary
objective of this team is to lead the development, stewardship, and evolution
of our connected data assets. Through a combination of internal moves and
external hires, we aim to build a team that has data science expertise and
deep experience in developing and commercialising syndicated data products.
Their goal is central to our strategy: ensuring our data is structured,
enriched, and deployed in ways that maximise its value for clients and for
YouGov. Ultimately, our intent is to build an organisation where data science,
technology, and product innovation sit at the heart of everything we do.
As we build this future, we continue to plan for long‑term leadership
continuity to ensure YouGov's strength and stability over time. As a first
step, we announced the appointment of Ian Griffiths as permanent Chair of the
Board on 18 February 2026. Additionally, we have announced that Shalini
Govil-Pai has decided to step down from the Board with effect from today and
Andrea Newman will not be standing for re-election at the AGM in December
2026. Finally, the Board is committed to ensuring a smooth CEO succession and
transition process, bringing in a leader with the experience and vision to
carry forward the platform strategy. The Nomination Committee has commenced a
search process and we will provide further updates in due course. Until then,
our priority is clear: to continue to drive the innovation, discipline, and
strategic focus that will define YouGov's next phase of growth.
Financial review
On a reported basis, Group revenue increased 2% to £194.8m in the period
compared to £191.7m in the six months to January 2025, primarily driven by
good performance in the Research division as clients continue to prioritise
spend on high-quality custom research solutions.
Underlying revenue growth(1) (excluding foreign exchange movements) was 1%.
The Group's results were affected by the net appreciation of £ Sterling as
its average exchange rate was 5% higher against the USD in the period than in
the six months to 31 January 2025. Also, £ Sterling was 3% lower against the
EUR over the same period.
Gross margin remained stable at 81% (HY25: 81%). Group operating costs
(excluding separately-reported items) of £133.3m, (HY25: £124.6m) increased
by 7% in reported terms, primarily due to increased investment in the Shopper
division on growth initiatives, higher staff costs as the Group re-invested in
strategic areas that will enable future revenue growth, and increased
headcount in support functions to support the Shopper division as we exited
the TSAs. As a result, Group adjusted operating profit decreased to £24.0m
(HY25: £30.1m), representing a margin of 12.3% (HY25: 15.7%). Underlying(1)
operating profit decreased by 19%, excluding a £0.3m net negative impact from
FX.
Amortisation charges for intangible assets totalled £15.4m in the period
(HY25: £19.6m) of which £6.1m (HY25: £6.2m) relates to our panel asset,
£4.1m (HY25: £3.1m) to our software and technology development activities
and £5.2m is included in separately-reported items in relation to acquired
intangibles.
The statutory operating profit (which is after charging other
separately-reported items of £7.2m) increased by £2.0m to £16.8m (HY25
£14.8m).
Performance by division
YouGov's lines of business are divided into three divisions: Research, Data
Products and Shopper.
Revenue Six months ended on Six months ended on Revenue growth Underlying revenue growth(1)
31 January 2026 31 January 2025
Unaudited Unaudited
£m £m % %
Research 89.6 87.0 3% 4%
Data Products 42.0 43.0 (2%) (1%)
Shopper 63.2 61.6 3% (2%)
Intra-Group revenues - 0.1 N.A. N.A.
Group 194.8 191.7 2% 1%
Adjusted operating profit(1) Adjusted operating margin
Six months ended on Six months ended on Adjusted operating profit growth Six months ended on Six months ended on
31 January 2026 31 January 2025
Unaudited Unaudited
31 January 2026 31 January 2025
Unaudited Unaudited
£m £m % % %
Research 8.8 8.7 1% 9.8% 10.0%
Data Products 14.6 13.1 11% 34.8% 30.5%
Shopper 6.8 13.9 (51%) 10.8% 22.6%
Central costs (6.2) (5.6) 11% N.A. N.A.
Group 24.0 30.1 (20%) 12.3% 15.7%
1 Defined in the explanation of non-IFRS measures below.
Research
Our Research division comprises our fast turnaround research services, such as
YouGov RealTime Omnibus, as well as customised ad-hoc research projects and
multi-year tracking studies.
In the period, revenue from Research increased by 3% in reported terms and 4%
on an underlying¹ basis. Solid growth was seen in the retail and banking
sectors as we expanded several existing client relationships, partially offset
by declines in the academic sector as the prior year benefitted from US
election-related projects. On a regional basis, all regions contributed to the
division's underlying performance, with the Americas accounting for nearly
half of the growth.
The division's adjusted operating profit increased by 1% to £8.8m (HY25:
£8.7m) representing a stable operating profit margin of 9.8% (HY25: 10.0%).
Data Products
Our Data Products suite includes subscription-based products such as YouGov
BrandIndex and YouGov Profiles as well as our analytics tools, YouGov Crunch,
and data activation and behavioural data solutions.
Revenue from Data Products decreased by 2% in reported terms and 1% on an
underlying(1) basis in the first half of the financial year. After reviewing
the product portfolio in FY25, the Company had discontinued some
under-performing products. Excluding the impact of these products, underlying
revenue growth for HY26 would have been 2%.
Renewal rates remained stable compared to the prior year and we continued to
win new clients, including winning one of our largest new subscription deals
at the start of H2 FY26. Geographically, the Americas and UK contributed to
the growth (excluding discontinued products), while the other regions remained
flat.
The adjusted operating profit from Data Products in the first half of the
financial year was £14.6m, 11% higher than the prior year HY25, representing
an operating margin for the segment of 34.8% (HY25: 30.5%).
Shopper
Our Shopper division provides household purchase data across 17 European
countries.
Shopper's revenue was £63.2m in the first half of FY26, an increase of 3% in
reported terms and a decrease of 2% on an underlying basis, due to the early
client deliveries towards the end of FY25. We expect this revenue phasing
impact to normalise by the end of FY26 and the division to deliver modest
growth for the year, underpinned by a strong sales order backlog.
The adjusted operating profit was £6.8m (HY25: £13.9m), reflecting the
investments made that are intended to accelerate top-line growth in the coming
years and enable the business to remain competitive. The impact of these
investments is expected to peak in FY26 and reduce from FY27 onwards as we
begin to realise the revenue benefits of these initiatives.
Performance by geography
Revenue Six months ended on Six months ended on Revenue growth Underlying revenue growth(1)
31 January 2026 31 January 2025
Unaudited Unaudited
£m £m % %
UK 33.5 32.9 2% 2%
Americas 63.1 64.5 (2%) 2%
Mainland Europe(2) 92.9 89.1 4% 0%
Asia Pacific(2) 14.0 13.9 1% 5%
Intra-Group revenues (8.7) (8.7) N.A. N.A.
Group 194.8 191.7 2% 1%
Adjusted operating profit(1) Six months ended on Six months ended on Adjusted operating profit Adjusted operating margin %
31 January 2026 31 January 2025 growth
Unaudited Unaudited %
£m £m
Six months ended on Six months ended on
31 January 2026 31 January 2025
Unaudited Unaudited
%
%
UK 4.7 3.7 27% 13.9% 11.2%
Americas 17.6 15.3 15% 27.8% 23.7%
Mainland Europe(2) 9.0 17.0 (47%) 9.7% 19.1%
Asia Pacific(2) (1.5) (2.2) (32%) (10.7%) (15.7%)
Central items (5.8) (3.7) 57% N.A. N.A.
Group 24.0 30.1 (20%) 12.3% 15.7%
1 Defined in the explanation of non-IFRS measures below.
2 The figures for the six months ended on 31 January 2025 have been updated to
reflect the re-grouping of Turkey, Middle East and India - previously
disclosed in the EMEA region - within Asia Pacific. EMEA has been re-named
Mainland Europe reflecting the revised composition.
Panel development
We continue to invest in our online panel to increase our research
capabilities. At 31 January 2026, the total number of registered panellists
had increased by 10% to 34 million, compared to 31 million at 31 January 2025,
as set out in the table below.
Region Panel size at Panel size at
31 January 2026 31 January 2025
millions millions
UK 3.3 3.2
Americas 12.9 11.4
Mainland Europe(1) 6.9 6.5
Asia Pacific(1) 10.9 9.8
Total 34.0 30.9
1 The figures for the six months ended on 31 January 2025 have been updated to
reflect the re-grouping of Turkey, Middle East and India - previously
disclosed in the EMEA region - within Asia Pacific. EMEA has been re-named
Mainland Europe reflecting the revised composition.
Separately-reported items
Separately-reported items were £7.2m (HY25: £15.3m) in the period, with the
majority comprising of the amortisation charge on acquired customer lists, and
integration costs related to Shopper.
Finance costs
The Group net finance cost increased to £8.2m (HY 2025: £6.5m). Finance
income for the six months ended 31 January 2026 was £0.3m (HY25: £2.3), as a
result of interest received on bank deposits. Interest payable on our debt
facilities amounted to £7.3m during the same period.
Profit before tax and earnings per share
Adjusted profit before tax was £16.8m, 30% lower compared to £24.1m in
HY25, largely due to the lower adjusted operating profit and finance income as
explained above.
The adjusted tax rate(1) remained flat at 20% (HY25: 20%). Statutory profit
before tax increased slightly to £8.6m compared to £8.3m in the six months
ended 31 January 2025.
During the period adjusted earnings per share has decreased by 33% from 17.1p
to 11.4p. Statutory earnings per share decreased from 6.8p to 5.7p.
Cash flow
The Group generated £22.6m (HY25: £25.5m) in cash from operations (before
paying interest and tax), despite a £14.5m outflow (HY25: £12.2m outflow)
from net working capital due to lower deferred income as is expected at the
end of January. Taxation payments for the period totalled £8.2m (HY25:
£3.8m) and interest paid amounted to £6.2m (HY25: £5.9m).
The Group invested £3.6m (HY25: £2.3m) in the continuing advancement of our
technology platform while investment in panel recruitment amounted to £5.3m
(HY25: £5.2m). £0.5m (HY25: £0.7m) was spent on the purchase of property,
plant and equipment.
Other cash outflows included the net repayment on the term loan of £6.9m in
October 2025 and the annual shareholder dividend payment of £10.8m (HY25:
£10.6m) in December 2025.
As a result, there was a net cash outflow of £22.2m in the period, compared
to an outflow of £23.9m in the six months to 31 January 2025. The cash
balance as at 31 January 2026 was £32.8m (HY25: £49.8m). The majority of
this balance is required to support the working capital needs of the business.
Bank debt and liquidity
In FY24, the Group entered into a €280m debt facility to fund the
acquisition of YouGov Shopper. This facility comprised a €40m Revolving
Credit Facility ("RCF") and a €240m amortising term loan with a tenor of
four years ("Term Loan"). Following the end of FY25, the Group entered into a
modification to its Term Loan which amended the repayment terms. This
modification changed the annual capital repayments to €20m per annum and the
balance on termination of the Term Loan in September 2027. There were no
changes to interest rates or the final payment date and the Company remained
well within the loan covenants during the year. As previously mentioned, the
Company is in discussions with the banking syndicate to refinance its debt
facility to better fund its liquidity requirements and expects this process to
be complete this year.
As of 31 January 2026, €184m (£160m) of the amortising term loan was
outstanding, and the RCF is fully drawn. Non-current liabilities increased
from £190.9m to £193.4m. The Group's liquidity position remains solid, with
£32.8m in cash on the balance sheet.
The Group's net debt as 31 January 2026 was £160.3m and, excluding the effect
of IFRS 16, the Group's leverage ratio(1) as of 31 January 2026 was 2.1x
(HY25: 2.0x).
1 Defined in the explanation of non-IFRS measures below.
Explanation of non-IFRS measures
Financial Measure How we define it Why we use it
Underlying growth Growth in business excluding effect of current and prior period acquisitions Provides a more comparable basis to assess the year-to-year operational
and business closures, and movement in exchange rates (i.e. current year business performance and is how our performance is reviewed internally
performance calculated with exchange rates held constant at prior year rates)
Separately-reported items Items that, in the Directors' judgement, are one-off or need to be disclosed
separately by virtue of their size or incidence or excluded to aid
comparability
Adjusted operating profit Operating profit excluding separately-reported items
Adjusted operating profit margin Adjusted operating profit expressed as a percentage of revenue
Adjusted profit before tax Profit before tax before share based payment charges, imputed interest and
separately-reported items
Adjusted taxation Taxation due on the adjusted profit before tax, excluding the tax effect of Provides a more comparable basis to assess the underlying tax rate
separately-reported items
Adjusted tax rate Adjusted taxation expressed as a percentage of adjusted profit before tax
Adjusted profit after tax Adjusted profit before tax less adjusted taxation Facilitates performance evaluation, individually and relative to other
companies
Adjusted profit after tax attributable to owners of the parent Adjusted profit after tax less profit attributable to non-controlling
interests
Adjusted earnings per share Adjusted profit after tax attributable to owners of the parent divided by the
weighted average number of shares. Adjusted diluted earnings per share
includes the effect of share options
Net debt Short and long-term borrowings (excluding lease liabilities and including Provides an insight into the debt position of the Group, taking into account
pension defined benefit net deficit) less cash and cash equivalents. current cash resources.
Leverage ratio Net debt calculated as a multiple of the last 12 months Adjusted EBITDA.
Reconciliation of non-IFRS measures
Underlying revenue reconciliation Six months ended on Six months ended on Change
31 January 2026 31 January 2025
Unaudited Unaudited
£m £m %
Revenue 194.8 191.7 2%
FX effect - 0.7 NA
Underlying revenue 194.8 192.4 1%
Underlying operating profit reconciliation Six months ended on Six months ended on Change
31 January 2026 31 January 2025
Unaudited Unaudited
£m £m %
Statutory operating profit 16.8 14.8 14%
Separated-reported items 7.2 15.3 (53%)
Adjusted operating profit(1) 24.0 30.1 (20%)
FX effect - (0.3) NA
Underlying adjusted operating profit(1) 24.0 29.8 (19%)
Adjusted EBITDA reconciliation Six months ended on Six months ended on Change
31 January 2026 31 January 2025
Unaudited Unaudited
£m £m %
Adjusted operating profit 24.0 30.1 (20%)
Depreciation 4.1 3.8 8%
Amortisation(2) 10.4 11.3 (8%)
Adjusted EBITDA(1) 38.5 45.2 (15%)
Adjusted profit before tax reconciliation Six months ended on Six months ended on Change
31 January 2026 31 January 2025
Unaudited Unaudited
£m £m %
Statutory profit before tax 8.6 8.3 4%
Separately-reported items 7.2 15.3 (53%)
Share-based payment charge 0.9 0.5 80%
Social security on share-based payment charge 0.1 - NA
Adjusted profit before tax(1) 16.8 24.1 (30%)
1 Defined in the explanation of non-IFRS measures above.
2 Excluding amortisation of acquired customer list and order backlog
intangibles accounted for in separately reported items
See note 7 to the condensed consolidated interim financial statements for a
reconciliation for adjusted earnings per share
YouGov plc
Consolidated income statement
for the six months ended on 31 January 2026
Continuing operations Notes Six months ended on Six months ended on Year
ended on
31 January 2026 31 January 2025 31 July
2025
Unaudited Unaudited Audited
£m £m £m
Revenue 3 194.8 191.7 388.9
Cost of sales 3 (37.5) (37.0) (69.3)
Gross profit 3 157.3 154.7 319.6
Administrative expenses (133.3) (124.6) (258.9)
Adjusted operating profit* 3 24.0 30.1 60.7
Separately-reported items* 4 (7.2) (15.3) (29.3)
Operating profit 16.8 14.8 31.4
Finance income 5 0.3 2.3 0.6
Finance costs 5 (8.5) (8.8) (13.9)
Profit before tax 8.6 8.3 18.1
Income tax charge 6 (1.9) (1.1) (5.0)
Profit for the period 6.7 7.2 13.1
Attributable to:
Owners of YouGov plc 6.7 7.9 13.4
Non-controlling interests - (0.7) (0.3)
6.7 7.2 13.1
Earnings per share (pence)
Basic 7 5.7 6.8 11.5
Adjusted basic* 7 11.4 17.1 31.7
Diluted 7 5.7 6.6 11.3
Adjusted diluted* 7 11.3 16.7 31.3
*Adjusted operating profit, separately-reported items and adjusted earnings
per share are not defined under IFRS. They are explained in the non-IFRS
measures section.
YouGov plc
Consolidated statement of comprehensive income
for the six months ended on 31 January 2026
Six months ended on Six months ended on Year
ended on
31 January 2026 31 January 2025 31 July
2025
Unaudited Unaudited Audited
Restated*
£m £m £m
Profit for the period 6.7 7.2 13.1
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Loss on foreign exchange on translation of foreign subsidiaries (0.8) (3.2) (0.1)
Items that will not be reclassified to profit or loss
Gain on remeasurement of defined benefit pension plans - - 0.3
Other comprehensive (expense)/income for the period (0.8) (3.2) 0.2
Total comprehensive income for the period 5.9 4.0 13.3
Attributable to:
Owners of YouGov plc 5.9 4.7 13.6
Non-controlling interests - (0.7) (0.3)
5.9 4.0 13.3
*See note 2 for details of the restatement
YouGov plc
Consolidated balance sheet
at 31 January 2026
Notes 31 January 2026 31 January 2025 31 July
2025
Unaudited Unaudited Audited
Restated*
£m £m £m
Assets
Non-current assets
Goodwill 8 250.0 244.2 250.7
Intangible assets 8 167.9 177.8 174.1
Property, plant and equipment 8 3.1 3.7 3.5
Right-of-use assets 8 17.8 24.8 24.0
Deferred tax assets 11.9 10.4 10.9
450.7 460.9 463.2
Current assets
Trade and other receivables 80.0 71.4 79.5
Cash and cash equivalents 32.8 49.8 54.8
Current tax assets 0.3 2.6 2.2
Asset held for sale 0.6 0.6 0.6
113.7 124.4 137.1
Total assets 564.4 585.3 600.3
Liabilities
Current liabilities
Trade and other payables (92.9) (89.2) (105.8)
Provisions (18.3) (25.1) (18.1)
Borrowings 9 (52.8) (78.4) (65.8)
Lease liabilities (6.3) (7.5) (6.6)
Current tax liabilities (14.2) (13.5) (18.2)
(184.5) (213.7) (214.5)
Net current liabilities (70.8) (89.3) (77.4)
Non-current liabilities
Other payables (9.7) (9.8) (9.8)
Provisions (7.0) (8.2) (7.5)
Borrowings 9 (138.3) (124.3) (131.1)
Lease liabilities (12.2) (19.4) (18.4)
Deferred tax liabilities (24.2) (27.4) (26.0)
Defined benefit pension net liability (2.0) (1.8) (1.9)
(193.4) (190.9) (194.7)
Total liabilities (377.9) (404.6) (409.2)
Net assets 186.5 180.7 191.1
Equity
Share capital 11 0.2 0.2 0.2
Share premium 11 81.1 81.1 81.1
Employee Benefit Trust reserve (6.1) (9.5) (7.0)
Merger reserve 12.8 12.8 12.8
Foreign exchange reserve 10.3 8.0 11.1
Retained earnings 88.2 88.7 92.9
Equity attributable to owners of YouGov plc 186.5 181.3 191.1
Non-controlling interests - (0.6) -
Total equity 186.5 180.7 191.1
*See note 2 for details of the restatement.
YouGov plc
Consolidated statement of changes in equity
for the six months ended on 31 January 2026
Attributable to owners of YouGov plc Non-controlling interests Total
Share capital Share premium Employee Benefit Trust reserve Merger reserve Foreign exchange reserve Retained earnings Total
£m £m £m £m £m £m £m £m £m
At 1 August 2024 (audited) 0.2 81.1 (11.3) 9.2 11.2 92.7 183.1 0.1 183.2
Total comprehensive income
Profit/(loss) for the period - - - - - 7.9 7.9 (0.7) 7.2
Loss on foreign exchange on translation of foreign subsidiaries - - - - (2.7) - (2.7) - (2.7)
Total comprehensive (expense)/income for the period - - - - (2.7) 7.9 5.2 (0.7) 4.5
Transactions with owners
Issue of ordinary shares - 3.1 - - - - 3.1 - 3.1
Employee Benefit Trust shares used to settle exercise of share options - - 1.8 - - (1.8) - - -
Share-based payment charge - - - - - 0.5 0.5 - 0.5
Dividends paid (note 12) - - - - - (10.6) (10.6) - -
Total transactions with owners - 3.1 1.8 - - (11.9) (7.0) - (7.0)
At 31 January 2025 (unaudited) (reported) 0.2 84.2 (9.5) 9.2 8.5 88.7 181.3 (0.6) 180.7
Adjustment to prior period* - (3.1) - 3.6 (0.5) - - - -
At 31 January 2025 (restated) 0.2 81.1 (9.5) 12.8 8.0 88.7 181.3 (0.6) 180.7
Total comprehensive income
Profit for the period - - - - - 5.5 5.5 0.4 5.9
Gain on foreign exchange on translation of foreign subsidiaries - - - - 3.1 - 3.1 - 3.1
Gain on remeasurement of defined benefit pension plans - - - - - 0.3 0.3 - 0.3
Total comprehensive income for the period - - - - 3.1 5.8 8.9 0.4 9.3
Transactions with owners
Employee Benefit Trust shares used to settle exercise of share options - - 2.5 - - (2.5) - - -
Share-based payment charge - - - - - 0.7 0.7 - 0.7
Income tax on share-based payment charge - - - - - 0.4 0.4 - 0.4
Purchase of non-controlling interests - - - - - (0.2) (0.2) 0.2 -
Total transactions with owners - - 2.5 - - (1.6) 0.9 0.2 1.1
At 31 July 2025 (audited) 0.2 81.1 (7.0) 12.8 11.1 92.9 191.1 - 191.1
YouGov plc
Consolidated statement of changes in equity (continued)
for the six months ended on 31 January 2026
Attributable to owners of YouGov plc
Share capital Share premium Employee Benefit Trust reserve Merger reserve Foreign exchange reserve Retained earnings Total Non-controlling interests Total
£m £m £m £m £m £m £m £m £m
At 1 August 2025 (audited) 0.2 81.1 (7.0) 12.8 11.1 92.9 191.1 - 191.1
Total comprehensive income
Profit for the period - - - - - 6.7 6.7 - 6.7
Loss on foreign exchange on translation of foreign subsidiaries - - - - (0.8) - (0.8) - (0.8)
Total comprehensive (expense)/income for the period - - - - (0.8) 6.7 5.9 - 5.9
Transactions with owners
Employee Benefit Trust shares used to settle exercise of share options - - 0.9 - - (0.9) - - -
Share-based payment charge - - - - - 0.3 0.3 - 0.3
Dividends paid (note 12) - - - - - (10.8) (10.8) - (10.8)
Total transactions with owners - - 0.9 - - (11.4) (10.5) - (10.5)
At 31 January 2026 (unaudited) 0.2 81.1 (6.1) 12.8 10.3 88.2 186.5 - 186.5
*See note 2 for details of the restatement.
YouGov plc
Consolidated statement of cash flows
for the six months ended on 31 January 2026
Six months ended on Six months ended on Year
ended on
31 January 2026 31 January 2025 31 July
2025
Unaudited Unaudited Audited
Restated* Restated*
Notes £m £m £m
Cash flows from operating activities
Operating profit 16.8 14.8 31.4
Adjustments for:
Impairment charge on goodwill 8 - - 0.1
Amortisation charge on intangible assets 8 15.4 19.6 36.3
Impairment charge on intangible assets 8 0.4 - -
Depreciation charge on property, plant and equipment 8 1.0 0.9 1.6
Depreciation charge on right-of-use assets 8 3.1 2.9 5.8
Share-based payment charge 0.9 0.5 1.2
Gain on foreign exchange (0.5) (0.8) (1.3)
Deferred consideration paid - (0.2) (0.2)
Cash generated from operations before changes in working capital 37.1 37.7 74.9
Changes in working capital:
(Increase)/decrease in trade and other receivables (0.2) 1.5 (6.5)
(Decrease)/increase in trade and other payables (13.8) (14.3) 1.4
(Decrease)/increase in provisions (0.5) 0.6 (6.5)
Cash generated from operations 22.6 25.5 63.3
Income tax paid (8.2) (3.8) (6.1)
Net cash flow from operating activities 14.4 21.7 57.2
Cash flows from investing activities
Purchase of business, net of cash acquired - (3.2) (3.2)
Purchase of intangible assets (8.9) (7.5) (16.4)
Purchase of property, plant and equipment 8 (0.5) (0.7) (1.1)
Interest received 0.2 2.3 0.5
Net cash flow used in investing activities (9.2) (9.1) (20.2)
Cash flows from financing activities
Proceeds from issue of borrowings 16.7 13.4 18.8
Repayment of borrowings (23.6) (31.6) (45.6)
Payment of transaction costs on modification of borrowings (0.5) - -
Payment of principal element of lease liabilities (3.0) (1.8) (5.5)
Interest paid (6.2) (5.9) (12.5)
Dividends paid 12 (10.8) (10.6) (10.6)
Net cash flow used in financing activities (27.4) (36.5) (55.4)
Net cash outflow for the period (22.2) (23.9) (18.4)
Cash and cash equivalents at beginning/
end of period
Cash and cash equivalents at beginning of period 54.8 73.6 73.6
Net cash outflow for the period (22.2) (23.9) (18.4)
Effect of changes in foreign exchange rates 0.2 0.1 (0.4)
Cash and cash equivalents at end of period 32.8 49.8 54.8
*See note 2 for details of the restatement.
YouGov plc
Notes to the condensed consolidated interim financial statements
for the six months ended on 31 January 2026
1. General information
YouGov plc (the "Company") is a public limited company, incorporated and
domiciled in England and Wales under the Companies Act 2006 (company number:
03607311). The address of its registered office is 50 Featherstone Street,
London, EC1Y 8RT. The Company's shares are listed on the Alternative
Investment Market of the London Stock Exchange.
These condensed consolidated interim financial statements comprise the results
of the Company and its subsidiaries (the "Group") for the six months ended on
31 January 2026 (the "period"). The Company is the ultimate parent of the
Group.
The principal activity of the Group is the provision of market research, data
analytics and related services.
2. Basis of preparation
These condensed consolidated interim financial statements have been prepared
in accordance with the Disclosure and Transparency Rules of the Financial
Services Authority, and IAS 34: Interim Financial Reporting, as adopted by the
United Kingdom. The condensed consolidated interim financial statements should
be read in conjunction with the annual financial statements for the year ended
on 31 July 2025, which were also prepared in accordance with international
accounting standards, as adopted by the United Kingdom, and those parts of the
Companies Act 2006 that are applicable to companies that prepare financial
statements in accordance with IFRS. There have been no changes to the Group's
accounting policies or approaches to estimates and judgements since the last
annual financial statements.
These condensed consolidated interim financial statements do not comprise
statutory accounts as defined by Section 434 of the Companies Act 2006.
Statutory accounts for the year ended on 31 July 2025 were approved by the
Company's board on 13 October 2025 and delivered to the Registrar of
Companies. The independent auditor's report on those accounts was unqualified,
did not contain an emphasis of matter paragraph, and did not contain any
statement under Section 498 of the Companies Act 2006. The consolidated
financial statements of the Group for the year ended on 31 July 2025 are
available from the Company's registered office or website
(corporate.yougov.com).
These condensed consolidated interim financial statements are presented in
pounds sterling (the functional currency of the Company), rounded to the
nearest hundred thousand (unless stated otherwise), and have been prepared on
the historical cost basis, modified by the revaluation of certain financial
instruments which are held at fair value. They are unaudited and not reviewed
by the Group's independent auditor. They were approved for issue by the board
on 24 March 2026.
Restatements for the six months ended on 31 January 2025
The following items have been restated to align with the Group's audited
annual financial statements for the year ended on 31 July 2025:
● £9.8m, relating to tax liabilities payable to the former owner of Shopper,
has been reclassified from non-current contingent consideration payable to
other payables;
● The £3.1m equity consideration for the business combination of Yabble, shown
previously as share premium, has been reclassified: £3.6m to the merger
reserve and -£0.5m to the foreign exchange reserve; and
● Cash flows of £0.9m, relating to the business combination of Yabble, which
were previously incorrectly classified as investing activities, have been
reclassified to operating activities.
The Group has also reclassified interest paid in the statement of cash flows
from operating activities to financing activities to align with the cash flows
relating to the relevant liabilities.
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
3. Segmental reporting
The Group's chief operating decision-makers are the Executive Directors, who
review information by product line primarily:
Six months ended on 31 January 2026 (unaudited) Research Data Products Shopper Eliminations and unallocated costs Group
£m £m £m £m £m
Revenue recognised over time 71.9 41.6 3.6 - 117.1
Revenue recognised at point in time 17.7 0.4 59.6 - 77.7
Revenue 89.6 42.0 63.2 - 194.8
Cost of sales (20.9) (6.4) (10.2) - (37.5)
Gross profit 68.7 35.6 53.0 - 157.3
Administrative expenses (59.9) (21.0) (46.2) (6.2) (133.3)
Adjusted operating profit*/(loss) 8.8 14.6 6.8 (6.2) 24.0
Separately-reported items* (note 4) (7.2)
Operating profit 16.8
Finance income 0.3
Finance costs (8.5)
Profit before tax 8.6
Six months ended on 31 January 2025 (unaudited) Research Data Products Shopper Eliminations and unallocated costs Group
£m £m £m £m £m
Revenue recognised over time 72.4 42.0 5.6 0.1 120.1
Revenue recognised at point in time 14.6 1.0 56.0 - 71.6
Revenue 87.0 43.0 61.6 0.1 191.7
Cost of sales (18.6) (7.4) (8.4) (2.6) (37.0)
Gross profit/(loss) 68.4 35.6 53.2 (2.5) 154.7
Administrative expenses (59.7) (22.5) (39.3) (3.1) (124.6)
Adjusted operating profit*/(loss) 8.7 13.1 13.9 (5.6) 30.1
Separately-reported items* (note 4) (15.3)
Operating profit 14.8
Finance income 2.3
Finance costs (8.8)
Profit before tax 8.3
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
3. Segmental reporting (continued)
Year ended on 31 July 2025 (audited) Research Data Products Shopper Eliminations and unallocated costs Group
£m £m £m £m £m
Revenue recognised over time 140.1 82.7 7.4 - 230.2
Revenue recognised at point in time 36.8 1.2 120.7 - 158.7
Revenue 176.9 83.9 128.1 - 388.9
Cost of sales (36.5) (15.0) (17.8) - (69.3)
Gross profit 140.4 68.9 110.3 - 319.6
Administrative expenses (120.9) (43.1) (83.1) (11.8) (258.9)
Adjusted operating profit*/(loss) 19.5 25.8 27.2 (11.8) 60.7
Separately-reported items* (note 4) (29.3)
Operating profit 31.4
Finance income 0.6
Finance costs (13.9)
Profit before tax 18.1
Supplementary analysis by region
Six months ended on 31 January 2026 Six months ended on 31 January 2025 Year ended on
31 July 2025
Unaudited Unaudited Au
di
te
d
Revenue Adjusted operating profit*/ Revenue Adjusted operating profit*/ Revenue Adjusted operating profit*/
(loss) (loss) (loss)
£m £m £m £m £m £m
United Kingdom 33.5 4.7 32.9 3.7 69.4 10.4
Mainland Europe† 92.9 9.0 89.1 17.0 185.3 32.1
Americas 63.1 17.6 64.5 15.3 124.7 29.8
Asia-Pacific† 14.0 (1.5) 13.9 (2.2) 29.1 (1.8)
Eliminations and unallocated costs (8.7) (5.8) (8.7) (3.7) (19.6) (9.8)
Group 194.8 24.0 191.7 30.1 388.9 60.7
*Adjusted operating profit is not defined under IFRS. It is explained in the
non-IFRS measures section.
†The figures for the six months ended on 31 January 2025 have been updated
to reflect the transfer of Turkey, the Middle East and India from EMEA to
Asia-Pacific. EMEA has now been renamed Mainland Europe since it no longer
includes the Middle East or Africa.
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
4. Separately-reported items
Six months ended on Six months ended on Year
ended on
31 January 2026 31 January 2025 31 July
2025
Unaudited Unaudited Audited
£m £m £m
Impairment charge on goodwill - - 0.1
Amortisation charge on acquired customer lists and order backlogs 5.0 8.3 15.8
Impairment charge on patents and trademarks 0.4 - -
Restructuring and integration costs 1.8 3.7 9.8
Acquisition-related costs - 0.5 0.3
Other non-commercial legal costs - 2.8 3.3
Separately-reported items 7.2 15.3 29.3
Separately-reported items are not defined under IFRS. They are explained in
the non-IFRS measures section.
5. Finance income and finance costs
Six months ended on Six months ended on Year
ended on
31 January 2026 31 January 2025 31 July
2025
Unaudited Unaudited Audited
£m £m £m
Interest income on cash and cash equivalents 0.3 2.3 0.5
Gain on foreign exchange - - 0.1
Finance income 0.3 2.3 0.6
Interest expense on contingent consideration payable and provisions - - (0.4)
Interest expense on borrowings (7.3) (8.1) (11.4)
Interest expense on lease liabilities (0.6) (0.5) (0.8)
Loss on foreign exchange (0.6) (0.2) (1.3)
Finance costs (8.5) (8.8) (13.9)
Net finance cost (8.2) (6.5) (13.3)
6. Income tax charge
Six months ended on Six months ended on Year
ended on
31 January 2026 31 January 2025 31 July
2025
Unaudited Unaudited Audited
£m £m £m
Current tax charge 5.0 7.0 13.4
Deferred tax credit (3.1) (5.9) (8.4)
Income tax charge 1.9 1.1 5.0
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
6. Income tax charge (continued)
The tax charge for the period has been calculated based on the expected tax
rates for the full year in each country.
7. Earnings per share
Notes Six months ended on Six months ended on Year
ended on
31 January 2026 31 January 2025 31 July
2025
Unaudited Unaudited Audited
Earnings per share (pence)
Basic 5.7 6.8 11.5
Adjusted basic 11.4 17.1 31.7
Diluted 5.7 6.6 11.3
Adjusted diluted 11.3 16.7 31.3
Earnings attributable to owners of YouGov plc (£m)
Profit for the period 6.7 7.9 13.4
Adjustments for:
Separately-reported items* 4 7.2 15.3 29.3
Share-based payment charge 0.9 0.5 1.2
Social security on share-based payment charge 0.1 - (0.2)
Interest expense on contingent consideration payable and provisions 5 - - 0.4
Income tax effect of above and other tax adjustments (1.5) (3.7) (7.0)
Adjusted profit for the period 13.4 20.0 37.0
Weighted average number of shares (millions)
Basic 117.2 116.8 116.9
Dilutive effect of share options 1.1 2.5 1.4
Diluted 118.3 119.3 118.3
*Separately-reported items are not defined under IFRS. They are explained in
the non-IFRS measures section.
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
8. Goodwill, intangible assets, property, plant and equipment, and
right-of-use assets
Carrying amount Goodwill Intangible assets Property, plant and equipment Right-of-use assets
£m £m £m £m
At 1 August 2024 (audited) 243.6 184.4 3.9 18.6
Additions - 8.3 0.7 7.4
Acquired through business combinations 3.4 5.8 - -
Amortisation/depreciation charge - (19.6) (0.9) (2.9)
Effect of changes in foreign exchange rates (2.8) (1.1) - 1.7
At 31 January 2025 (unaudited) 244.2 177.8 3.7 24.8
Additions - 9.8 0.4 4.0
Impairment charge (0.1) - - -
Amortisation/depreciation charge - (16.7) (0.7) (2.9)
Effect of changes in foreign exchange rates 6.6 3.2 0.1 (1.9)
At 31 July 2025 (audited) 250.7 174.1 3.5 24.0
Additions - 9.5 0.5 2.4
Remeasurements - - - (5.0)
Amortisation/depreciation charge - (15.4) (1.0) (3.1)
Impairment charge - (0.4) - -
Effect of changes in foreign exchange rates (0.7) 0.1 0.1 (0.5)
At 31 January 2026 (unaudited) 250.0 167.9 3.1 17.8
9. Borrowings
On 29 September 2023, the Group entered into a secured facilities agreement
for four years with a syndicate of banks, led by Citibank, to finance the
business combination of Shopper, and to provide working capital headroom. The
facilities comprise a €240.0m term loan and €40.0m multi-currency
revolving credit facility. Interest is payable quarterly on both facilities at
a base rate plus a margin which is dependent on leverage. The base rate on the
term loan is EURIBOR, and on the revolving credit facility is dependent on the
currency borrowed. Capital repayments are due annually on the term loan.
Both facilities are subject to financial covenants, assessed biannually.
Interest cover must not be less than 4:1, and leverage must not be more than
3:1.
On 8 August 2024, the Group purchased a collar to restrict EURIBOR on the term
loan. Hedge accounting has not been applied, and all hedge-related income and
expenses are recognised within finance income and finance costs in the income
statement.
On 11 August 2025, the Group agreed a modification to the term loan, amending
the amounts of the annual capital repayments to €20.0m, and of the final
balance payable on 29 September 2027 to €164.0m.
At 31 January 2026, £20.0m and €17.0m were drawn down on the revolving
credit facility, with €184.0m of the term loan outstanding.
YouGov plc
Notes to the condensed consolidated interim financial statements (continued)
for the six months ended on 31 January 2026
10. Fair values of financial assets and financial liabilities
The only assets and liabilities the Group holds at fair value are contingent
consideration payable (disclosed within provisions), and an interest rate
collar (see note 9 for more details.)
At 31 January 2026, the carrying amount of contingent consideration payable
was £0.1m (HY25: £0.2m), and of the collar, £nil (HY25: £nil). The
carrying amounts of all the Group's other financial instruments are reasonable
approximations of their fair values.
11. Share capital and share premium
Ordinary shares Share capital Share premium
number £m £m
At 1 August 2024 (audited) 117,126,339 0.2 81.1
Issue of ordinary shares 703,396 - -
At 31 January 2025 (restated*) 117,829,735 0.2 81.1
Issue of ordinary shares 27,413 - -
At 31 July 2025 (audited) 117,857,148 0.2 81.1
Issue of ordinary shares 5,432 - -
At 31 January 2026 (unaudited) 117,862,580 0.2 81.1
*See note 2 for details of the restatement.
The nominal value of each ordinary share is 0.2p (HY25: 0.2p). The Company has
one class of share. All issued shares are authorised and fully paid. 5,432
shares were issued at an average price of £2.65 per share during the period
to satisfy the exercise of share options.
The Company does not hold any shares in treasury. However, the YouGov Employee
Benefit Trust does hold shares to facilitate the settlement of awards under
employee share schemes. At 31 January 2026, the Employee Benefit Trust held
651,680 shares (HY25: 1,010,126 shares).
12. Dividends paid
On 9 December 2025, a final dividend in respect of the year ended on 31 July
2025 of £10.8m or 9.25p per share (2024: £10.6m or 9.0p per share) was paid
to shareholders. No interim dividend has been proposed for the current period
(HY25: £nil).
13. Transactions with directors and other related parties
Other than emoluments, the Group entered into no transactions with its
directors during the period. Trading between YouGov plc and its subsidiaries
is excluded from this note as this has been eliminated on consolidation. There
were no other related-party transactions during the period.
14. Post-balance sheet events
On 5 February 2026, the Group sold its freehold office space in Dubai for
£1.4m. At 31 January 2026, this remains classified as an asset held for sale.
On 9 February 2026, it was announced that Alex McIntosh, the Group's Chief
Financial Officer, was stepping down. James Davies was appointed as his
replacement on 12 February 2026. For more information, see the business review
section.
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. END IR BXLLLQXLZBBK
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